How much can you give away without paying any gift taxes?

Attorney Tom Olsen: Jim, you're on WDBO. Go ahead.

Jim: Yes, my wife and I have two married sons. I wanted to know what the figure is that we can gift to them each year tax-free.

Attorney Tom Olsen: You can gift up to $15,000 per person per calendar year without any gift or estate tax consequences. Jim, you could write each of your sons a check for $15,000, your wife could write each of your sons a check for $15,000. If you're really feeling generous and they're married, you could also do the same thing to their spouses.

Jim: Okay, that's what I needed to know. That's good, very good. Thank you very much.

Attorney Tom Olsen: You're very welcome, Jim.