ErnieS0
Expert Alumni

Get your taxes done using TurboTax

The IRS allows anyone to make gifts of up to $15,000 to another person. For 2022, the annual exclusion goes up to $16,000.

 

That means you and your spouse can give your mother up to $32,000 in 2022 ($16,000 each).

 

If you give more, you would have to file a gift tax return, but would not have to pay any tax.

 

Excess gifts reduce your lifetime exclusion, which is the amount of money you can transfer upon death before having to pay estate or gift tax. Most people don't come anywhere near the exclusion amount so it's generally not a concern. It's just time consuming and expensive to file a gift tax return.

 

Check out awesome champ @xmasbaby0's post on gift taxes with lots of helpful links and Frequently Asked Questions on Gift Taxes.

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