$5.25 million
What happens if you exceed those limits? If you do, the gift would go toward reducing your lifetime gift exclusion of $5.34 million, which the IRS raised for 2014 from $5.25 million this year. Once a person’s lifetime exclusion is exceeded, a gift tax of up to 40 percent will apply to you or your heirs. Families weighing the tax implications of monetary gifts should be aware that the yearly limit on how much a person can give to another person without paying a gift tax or raising a portion of that donor’s gift tax credit will not increase for 2014. In 2013, the IRS raised this limit, known as the annual gift exclusion, to $14,000 from $13,000. This number can be doubled by married couples, who can combine their annual exclusions and thus give a sizeable annual cash gift with no tax liability or use this credit. The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. The tax applies whether the donor intends the transfer to be a gift or not. The gift tax applies to the transfer by gift of any property. In that case, according to the IRS press release, the yearly limit on tax-free gifts to the non-citizen spouse next year is $147,000, up from $145,000 for 2014. Any additional gifts to a non-citizen spouse count against the $5.43 million basic exclusion. Contact an Illinois Estate Planning Attorney. 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 Because you have a $1 million gift tax lifetime exemption, the only taxable portion of your $1.5 million of gifts is $464,000 ($1,464,000 - $1 million). Bankrate's community sharing policy.
http://www.timoneyknox.com/blog-posts/2014-irs-raises-lifetime-tax-free-gift-limit-yearly-limit http://www.timoneyknox.com/blog-posts/2014-irs-raises-lifetime-tax-free-gift-limit-yearly-limit http://www.timoneyknox.com/blog-posts/2014-irs-raises-lifetime-tax-free-gift-limit-yearly-limit https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Gift-Tax http://orlowskywilson.com/irs-raises-limit-of-lifetime-gifts-for-2015/ https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax/INF12036.html http://www.bankrate.com/finance/retirement/know-the-gift-tax-rules-1.aspx
what is irs lifetime gift limit