What is the annual gift tax exclusion in 2012?

In 2012, the annual gift tax exclusion was set at $13,000 per recipient. This means that an individual could give gifts up to this amount to as many people as they wished without incurring any gift tax or needing to file a gift tax return. For married couples, they could combine their exclusions, allowing them to gift $26,000 to each recipient. This exclusion amount is adjusted periodically for inflation.