What is the Maximum gift amount,$, for 2018?

Forum|Forum|7 years ago
June 5, 2019
3 replies
45 views

I am questioning if the maximum dollar amount for a gift in 2018 is greater than the $14,000 amount for 2017.

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Best answer by DianeW777

The maximum gift that can be gifted to another person without a gift tax to the giver is $15,000.

And the annual gift exclusion amount is $15,000 for 2018—up from $14,000 where it's been stuck since 2013. The federal estate and gift tax exemptions rise with inflation, and the Internal Revenue Service announced the new numbers here.

Instructions for Form 709 - Gift Tax Return (click to review)

DianeW777Answer

Alumni - Intuit

The maximum gift that can be gifted to another person without a gift tax to the giver is $15,000.

Instructions for Form 709 - Gift Tax Return (click to review)

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ron6612

Level 6

Do the parents gifting to children have to file a form if the amount they each give per child is $15,000? I thought there may be if amount somewhere between $13 and $15,000? Also if each parent gives $15,000 from joint account can it be one one check or does it have to be two?

DianeW777

Alumni - Intuit

@ron6612 if a gift to a child is $15,000 or less then a gift tax return is not required. However if each parent gives more than $15,000 to the same child (or any third party) from a joint account then each would be required to file a gift tax return. See more information below and a link for further instruction:

A married couple may not file a joint gift tax return. However, if after reading the instructions below, you and your spouse agree to split your gifts, you should file both of your individual gift tax returns together (that is, in the same envelope) to help the IRS process the returns and to avoid correspondence from the IRS..

If you and your spouse both consent, all gifts (including gifts of property held with your spouse as joint tenants or tenants by the entirety) either of you make to third parties during the calendar year will be considered as made one-half by each of you if all of the following apply.

You and your spouse were married to one another at the time of the gift.
If divorced or widowed after the gift, you did not remarry during the rest of the calendar year.
Neither of you was a nonresident not a citizen of the United States at the time of the gift.
You did not give your spouse a general power of appointment over the property interest transferred.

https://www.irs.gov/instructions/i709 (see Lines 12–18. Split Gifts)

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