what is a gift tax exclusion
Annual Gift Exclusion. In 2014, you may give someone up to $14,000 in gifts before paying any gift tax. The $14,000 annual gift exclusion is a limit on nontaxable gifts per person, and you may give multiple people up to $14,000 each without incurring any tax liability.However, the amounts of your annual gift exclusions are limited to a lifetime total of $5,3400 ($10,680,000 for married couples for Tax Year 2014.ift Taxes-What You Need to Know: If you give someone a gift or gifts of money or property and the value is over the annual gift exclusion amount, you will generally owe gift taxes. If you give a gift of property, taxes must be paid on the fair market value of the item (not the purchase price, nor the original value).