http://www.latimes.com/business/la-fi-montalk-20121202,0,4182587.column
The current annual limit is $13,000 per person. Even when that amount is exceeded, the givers typically don’t owe gift taxe
Dear Liz: My husband and I have given our daughsters gifts over the years, but we have never exceeded the $26,000 gift tax limit for a married couple. Do we need to file IRS Form 709 to split the gifts? If so, how to do we file for past years?Answer:The gift tax system exists to help prevent wealthy people from transferring large amounts to their heirs during the donors’ lifetimes in an attempt to avoid estate taxes. Each person, however, is allowed to give a certain amount each year to any number of recipients.
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