Submitted By: Eileen
Answered: January 15, 2016 12:00 pm

What is the most I can give my daughter without paying tax on it?

For income tax purposes, there’s no tax on gifts—to make or receive them. For federal gift tax purposes, there’s an annual exclusion ($14,000 in 2015 and 2016). Above that, you can apply your lifetime exclusion ($5.43 million in 2015 and $5.45 million in 2016). If you’re married and your spouse consents to the gift, you can double these amounts.

Tax Glossary

Recovery property

Tangible depreciable property placed in service after 1980 and before 1987 and depreciable under ACRS.

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