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gifts&taxes
What is the highest amount of money I can give any person without anyone paying any taxes?
The following gifts are not taxable gifts.
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Gifts that are not more than the annual exclusion for the calendar year. -
Tuition or medical expenses you pay for someone (the educational and medical exclusions). -
Gifts to your spouse. -
Gifts to a political organization for its use.
The annual exclusion for gifts is currently $12000 per person. If the financial gift exceeds this amount, and isn’t covered by numbers 2, 3, or 4 above, the recipient of the gift is responsible to file it on their return.
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If I receive a cash gift, do I have to pay taxes? - 6 Answers
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