Although most people have heard of the gift tax, the name is somewhat misleading. In most cases, individuals who give large gifts will never pay taxes for doing so. Those who give more than $14,000 to an individual in 2014 will have to tell the IRS about that gift on Form 709. It is important to understand that the $14,000 limit applies to each person who receives a gift.
The $14,000 limit applies to both property and money and is doubled for a married couple giving a joint gift….