President Jimmy Carter, an advocate of the program, said that his mother, who had served as a nurse in the program, had one of the most glorious experiences of her life in the Peace Corps. In 1979, he made it fully autonomous in an executive order.
So a couple will be able to give away $10.86 million tax-free in 2015 (assuming they havenât made prior lifetime gifts). Totally separate from the lifetime gift exemption amount is the annual gift tax exclusion amount. Itâs $14,000 for 2015, the same as 2014, up from $13,000 a year in 2013. You can give away $14,000 to as many individuals as youâd like. A husband and wife can each make $14,000 gifts.
The Gift Tax. The maximum amount of cash you can give away tax-free may change from year to year. Start by consulting the IRS or its website to find out what the cap is for a given year. In 2011, for example, tax-free gifts were capped at $13,000. You may give money to your spouse that exceeds the cap without incurring the gift tax.