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Old 02-16-2008, 12:06 AM
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What are the Annual Exclusion for Gifts in 2007?

For US Citizens
For calendar year 2007, the first $12,000 of gifts to any person (other than gifts of future interests in property) are not included in the total amount of taxable gifts made during that year.

There are no tax implications for Gifts made to a spouse who is a citizen of the United States.

For Non-US Citizens
For calendar year 2007, the first $125,000 of gifts to a spouse who is not a citizen of the United States (other than gifts of future interests in property) are not included in the total amount of taxable gifts made during that year.

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