Yes. Each spouse may make an unlimited number of $13,000 gifts (2012 amount) of cash or other property each year to any one individual, completely free of gift tax. In addition, couples may combine their annual exclusions, meaning they can, together, give $26,000 per year (2012 amount) to each recipient. Even if the assets of only one spouse are actually used to make the gift, it is considered to have been made by both spouses if they both consent.
We would like your feedback on this Personal Finance Frequently Asked Question.
