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.
Gift tax doesn't apply to little things like holiday presents and birthday gifts. In IRS terms, it applies to the $26,000 a couple can give away in one year without tax consequences. For singles, the cap is $13,000.If you give more than that amount, the excess gets subtracted from a lifetime unified credit of $5.12 million. Future gifts in excess of your cap are subject to gift tax.If you've never used your unified credit, you can give up to the cap, plus $5.12 million to a single recipient before triggering the gift tax.or singles, the cap is $13,000. If you give more than that amount, the excess gets subtracted from a lifetime unified credit of $5.12 million. Future gifts in excess of your cap are subject to gift tax.