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.
For the 2011 tax year, the exclusion on individual gifts was $13,000 for single filers and $26,000 for couples. This means you can gift up to the exclusion limit to as many people as you want in a single year and not incur any gift tax.or example, if you give someone a gift of $20,000, the first $13,000 is not taxable. The remaining $7,000 is considered to be taxable, but the tax only applies if your total gifts exceed the lifetime limit.