How much money can be gifted from one person to another in a given tax year without any tax implications (in Ohio or interstate)?

ANSWER

The BIDaWIZ Team's Answer:

The federal annual gift tax exclusion is $13,000 per recipient for singer filers and $26,000 per recipient for joint filers. If you provide a gift that exceeds this amount, you still likely won't have to pay taxes since you can claim the liftetime gift tax exemption which is up to $5.12 million for single filers and $10.24 million for joint filers for 2012. The federal gift tax form 709 must be filed if you provide a gift in excess of the annual exclusion. Ohio doesn't have a gift tax in 2012.