Yes! The gift tax exclusion is $19K for single filers or $38K for married filing joint returns. This will apply to the 2025 tax year and 2026 will be indexed for inflation. Direct gifts for tuition or some qualified medical expenses would not reduce your annual exclusion. If you want to exceed this amount, you also have a generous lifetime exclusion but you would be required to complete a gift tax return, IRS form 709. Thank you for your question!
