up to $14,000
If you give people a lot of money, you might have to pay a federal gift tax. But the IRS also allows you to give up to $14,000 in 2014 to any number of people without facing any gift taxes, and without the recipient owing any income tax on the gifts. In 2014, you can give a lifetime total of $5.34 million in taxable gifts (that exceed the annual tax-free limit) without triggering the gift tax. Beyond the $5.34 million level, you would actually have to pay That still doesn’t mean they owe gift tax. For example, say someone gives you $20,000 in one year, and you and the giver are both single. The giver must file a gift tax return, showing an excess gift of $6,000 ($20,000 – $14,000 exclusion = $6,000). To set your mind at ease, first determine if you’ve given any one child more than the limit for a calendar year. You can give a child up to $14,000 in a year before you have to file a gift tax return (in 2012, this amount was $13,000). If your child is married, you can also give up to $14,000 each to his or her spouse. If you’re married, you and your spouse can both make gifts, meaning the maximum gift one couple can gift another couple without filing a gift tax is $56,000. This amount is per calendar year, and does not roll over from year to year. In addition to the annual gift amount, your can give a total of up to $5.34 million starting in 2014 in your lifetime before you start owing the gift tax. But most gifts are not subject to the gift tax. For instance, you can give up to the annual exclusion amount ($14,000 in 2014) to any number of people every year, without facing any gift taxes. Recipients generally never owe income tax on the gifts.
https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax/INF12036.html https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax/INF12036.html http://blog.taxact.com/gift-tax-do-i-have-to-pay-gift-tax-when-someone-gives-me-money/ http://blog.taxact.com/gift-tax-supporting-adult-children/ https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax/INF12036.html https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax/INF12036.html
how much money can be given as a gift before tax in ireland