No. you won’t owe the tax until you’ve given away more than $12.06 million in cash or other assets during your lifetime.
- The lifetime exclusion was raised to $12.06 million in 2022.
- If you’re married, your spouse is entitled to a separate $12.06 million in 2022.
As ErnieS0 mentioned, since the amount is above the annual $16000 exclusion for 2022, you may still have to file gift tax return form 709 even though you don’t owe any tax. (After 2022, the $16,000 exclusion may be increased for inflation.)
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