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.
The annual exclusion is the maximum value of gifts you can give to each person. For example, during the 2016 tax year, the law allows you to make an unlimited number of tax-free gifts as long as no one receives more than $14,000. Therefore, you can make hundreds of $14,000 gifts without paying a dollar in gift tax as long as each recipient is a different person.