Level 15

Deductions & credits

For 2021, the lifetime gift tax exemption is $11.7 million. This means that a person can give up to $11.7 million in gifts over the course of their lifetime without ever having to pay gift tax on it. 


However, the IRS requires that gifts exceeding $15,000 in value must be reported to them on Form 709.  @xmasbaby0  gave you a link to that form.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.