What is the $10,000 exclusion from gift taxes?
In any one year, you may make a gift of up to $10,000 per person, to as many persons as you wish. A married couple can together give up to $20,000 per person. A $20,000 gift can be made even if the property belongs to only one spouse. The gift is called a “split gift.” The non-owner spouse must consent to the gift by signing a gift tax return for the gift. Each spouse will be regarded as making a transfer of only one-half of the property. In addition, there is an exclusion for medical and educational expenses.
