There is a gift tax exclusion that allows you to give up to $17,000 per year (in 2023) per person without any gift tax impact. Any amounts above that are subject to gift tax; however, there is a cumulative gift tax exclusion during one’s life that exceeds 12,920,000 million dollars (in 2023). In order to track gifts, any time you gift more than $17,000 (in 2023) to a person, it is necessary that you file a gift tax return (so the government can track gifting amounts). Exclusionary amounts are controlled by the federal government and can change over time.
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