| What is the 2007 Annual Gift Exclusion amount?
For Tax Years 2007 and 2008 Annual Gift Exclusion Amount:
If the amount given to kids is below the allowable Annual Gift Exclusion amount, there generally is no reportable event. For Tax year 2007 and 2008, the annual gift exclusion amount is $12,000 and this is the amount that you can gift each of your child without requiring a gift tax return to be filed. | 
