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.
All individuals have the opportunity to give gifts annually to any person without having to file a gift tax return. For 2012, the amount of the annual exclusion is $13,000.This means that anyone can give a gift of up to $13,000 to any person for any reason without worrying about possible gift tax implications. A married couple can double this amount to $26,000.In 2013, this annual exclusion amount will increase to $14,000 ($28,000 for couples).or amounts given in excess of the annual exclusion amount, every individual has a lifetime exclusion amount, against which the excess gifts are credited. For 2012, the lifetime exclusion amount is $5,120,000.