The IRS has updated various figures relating to estate and gift taxes for the year 2014. Julie Garber has the details, Overview of 2014 Estate Tax, Gift Tax & Generation Skipping Transfer Tax Laws.
One particular figure that is often used in an income tax planning situation is the annual gift tax exclusion. This is the amount that one person can give to another person that is completely exempt from the federal gift tax. For 2014, the annual gift tax exclusion is $14,000 per year per recipient.