Under current federal tax law, in 2016, you can take
advantage of an annual exclusion to give up to $14,000 to as many individuals
as you want without paying gift tax. If you're married and your spouse joins in
the gift, you can, as a couple, elect to give $28,000 to each person with no
gift tax liability. If you plan to make gifts this year, remember that your
gifts must be completed by December 31.
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