President Jimmy Carter, an advocate of the program, said that his mother, who had served as a nurse in the program, had one of the most glorious experiences of her life in the Peace Corps. In 1979, he made it fully autonomous in an executive order.
So a couple will be able to give away $10.86 million tax-free in 2015 (assuming they havenât made prior lifetime gifts). Totally separate from the lifetime gift exemption amount is the annual gift tax exclusion amount. Itâs $14,000 for 2015, the same as 2014, up from $13,000 a year in 2013. You can give away $14,000 to as many individuals as youâd like. A husband and wife can each make $14,000 gifts.
One notable exception to the rule that gifts given during your lifetime incur a gift tax is the annual gift tax exclusion. The gift tax exclusion lets you give up to $14,000 (in 2013) per person, per year, away gift tax free.There is no limit as to how many $14,000 or less gifts you can give to people each year.You can gift $14,000 or less to as many people as you want, whether they are related to you or not.he gift tax exclusion lets you give up to $14,000 (in 2013) per person, per year, away gift tax free. There is no limit as to how many $14,000 or less gifts you can give to people each year. You can gift $14,000 or less to as many people as you want, whether they are related to you or not.