A separate $11,000 annual exclusion ($12,000 beginning in 2006) applies to each person to whom a gift is made. A person may give up to $11,000 each to any number of people each year and none of the gifts will be taxable. Married people can separately give up to $11,000 to the same person each year without making a taxable gift.
Find a legal form in minutes
Browse US Legal Forms’ largest database of 85k state and industry-specific legal forms.