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Field Law
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How much can I give away each year without having to file a gift tax return?

For the years after 2009, you're allowed to give away up to $13,000.00 annually without having to file a Form 709 - gift tax return.

If you're married, you and your spouse can gift $13,000.00 each, for a totally of $26,000.00 to one individual. This is a great way to help adult children purchase their own home by helping with a down payment. Or it can also be a way to fund a college plan for grandchildren, nieces and nephews (you'll want to look into a 529 Plan when funding college for younger children).