One notable exception to the rule that gifts given during your lifetime incur a gift tax is the annual gift tax exclusion. The gift tax exclusion lets you give up to $14,000 (in 2013) per person, per year, away gift tax free.There is no limit as to how many $14,000 or less gifts you can give to people each year.You can gift $14,000 or less to as many people as you want, whether they are related to you or not.he gift tax exclusion lets you give up to $14,000 (in 2013) per person, per year, away gift tax free. There is no limit as to how many $14,000 or less gifts you can give to people each year. You can gift $14,000 or less to as many people as you want, whether they are related to you or not.