maximum gift allowed per child
Further, gift givers can subtract amounts more than $14,000 from a lifetime exemption amount (without having to pay taxes on it) known as the unified credit. This amount stands currently at $5.34 million per person.However, givers must report these gifts to the IRS by filing a gift tax return, or Form 709.urther, gift givers can subtract amounts more than $14,000 from a lifetime exemption amount (without having to pay taxes on it) known as the unified credit. This amount stands currently at $5.34 million per person.