Gifts received are not reported on nor taxable on tax return, regardless of the amount received.

What about for the giver (the revocable trust is the giver) since there are 2 trustees in the trust?

Only individuals are required to file gift tax returns. If a trust, estate, partnership, or corporation makes a gift, the individual beneficiaries, partners, or stockholders are considered donors and may be liable for the gift and GST taxes.

For tax year 2023 the annual exclusion amount for gifts given to an individual is $17,000.

Go to this IRS website for Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return instructions - https://www.irs.gov/pub/irs-pdf/i709.pdf

Thank you!  If the revocable trust then has 2 individuals; then the limit will be $17,000 each correct for a total of $34,000, correct?

Hi @hbcrac 

Thanks for reaching out today for out TurboTax Live Event.  Yes, the gift limitation of $17,000 for 2023 is per individual.  Below is our TT article titled The Gift Tax Made Simple:

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

Thanks for using TurboTax Live!

Bonnie,

Quality Reviewer Tax Expert

Hi hbcrac,

With respect to gifts, it is the donor that pays the tax.  You do not need to report  gifts to any one individual if the amount is less than $16,000 for the tax year 2022 or $17,000 for tax year 2023. If more than that, then you will report the gifts on Form 709: United States Gift (and Generation-Skipping Transfer) Tax Return.

 IRS Frequently Asked Questions on Gift Tax

I hope that answers your question. 

Best Regards