Annual Gift Tax Exclusion

For the 2022 tax year you can receive or give a gift of $16,000 per person “no questions asked” per the IRS per year. If you went over that limit the gift-er would then be required to file a gift tax return with the IRS. This filing does not necessarily mean that the IRS is going to tax your gift although there is a reporting requirement. For the 2023 tax year this amount is upped to $17,000.