Gifting More Than $15,000 To Anyone I Want

Get Legal Help Today

secured lock Secured with SHA-256 Encryption

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Full Bio →

Written by Jeffrey Johnson
Insurance Lawyer Jeffrey Johnson

UPDATED: Jul 15, 2021

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.

In 2018 and 2019, you can give gifts of $15,000 (referred to as the annual gift tax exclusion) or less per calendar year to each of as many individuals as you want without filing a gift tax return.  Unlimited gifts can be made to a spouse without gift tax consequences. The annual Gift Tax exclusion is indexed annually, which means that you can gift larger amounts in your life without Gift Tax concerns.

Gifts over $15,000 are considered taxable gifts and must be reported on an annual gift tax return, Form 709. Though you must file, you do not have to worry about paying the federal Gift Tax because you can offset the tax by using the unified gift and estate tax exemption. Any federal gift tax assessed on your lifetime gifts will be tallied and subtracted from the combined unified gift and estate tax exemption after you die.  The combined unified gift and estate tax exemption for 2019 is $11.4 million. (With the passage of the 2017 Tax Cut and Jobs Act, the basic estate exclusion was doubled for 2018, but the figure did not take into account any inflation adjustment. Under the same Act, the basic exclusion amount in 2026 reverts to the 2017 exclusion amount.)

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption