Federal Gift Tax

DID YOU KNOW: If you give someone money or property during your life, you may be subject to the federal gift tax. Most gifts are not subject to the Gift Tax. For example, there is usually no tax if you give a gift to your spouse or to a charity. If you give a gift to someone else, the gift tax usually doesn't apply until the value of the gifts you give to that person exceeds the annual exclusion. For 2013 the exclusion is $14,000.