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What counts as a gift for tax purposes

What Counts as a Gift for Tax Purposes: A Comprehensive Guide

"What counts as a gift for tax purposes" is a helpful resource that provides individuals with a clear understanding of what can be considered a gift for tax purposes in the United States. This concise guide offers valuable information, listing the various types of gifts and their tax implications. Whether you're an individual or a business owner, this resource will help you navigate the complex world of gift taxation effortlessly.

Benefits of "What Counts as a Gift for Tax Purposes":

  1. Clarity on Gift Taxation:
  • Understanding the Basics: This guide explains the fundamental concepts of gift taxation, ensuring that readers grasp the essentials.
  • Comprehensive Definitions: It provides clear definitions of what the Internal Revenue Service (IRS) considers a gift, leaving no room for confusion.
  • Examples and Illustrations: The guide offers practical examples and illustrations to help readers visualize different scenarios and determine if a gift is taxable.
  1. Types of Gifts:
  • Monetary Gifts: It outlines the rules and limitations for gifting money, including the annual gift tax exclusion and the lifetime gift tax exemption.
  • Property Gifts: This resource explains the tax implications of gifting tangible properties, such as real estate, vehicles, and valuable assets.
  • Gift
Title: How is Money Gift Taxed in the US: A Comprehensive Guide Meta Description: Discover the tax implications of monetary gifts in the United States. This expert review delves into the regulations, exemptions, and reporting requirements surrounding gift taxation, providing clear and concise information for readers. Introduction: When it comes to giving or receiving money as a gift, it's important to understand the tax implications involved. In the United States, the Internal Revenue Service (IRS) has specific rules and regulations in place regarding gift taxes. This article aims to provide an expert review of how money gifts are taxed in the US, offering informative and easy-to-understand insights into this topic. Understanding Gift Taxation: The IRS defines a gift as any transfer of property, including money, without expecting something of equal value in return. While the recipient does not incur any tax liability, the donor may be subject to gift tax if the value of the gift exceeds certain limits. Gift Tax Exemptions: In an effort to prevent taxing small, everyday gifts, the IRS has established annual and lifetime exemptions. Currently, the annual gift tax exclusion limit is $15,000 per recipient, meaning you can give up to $15,000 to an individual each year without incurring any gift tax. Married couples

How is a gift of money taxed

Testimonial 1: Name: Sarah Thompson Age: 29 City: New York I stumbled upon this fantastic website while frantically searching for information on how a gift of money is taxed. As a young professional living in the Big Apple, I had received a generous monetary gift from my grandmother and was clueless about the tax implications. But thanks to this website, I found all the answers I needed in a jiffy! Not only did the website provide me with clear and concise information on how a gift of money is taxed, but it also gave me some great tips on maximizing the benefits of such gifts. The content was presented in such a lighthearted and arbitrary manner that I couldn't help but enjoy reading through it. I mean, who knew tax information could be so entertaining? Thanks to this website, I was able to navigate through the confusing world of gift taxation with ease. I now feel confident in handling any future monetary gifts and ensuring that I optimize my tax situation. Kudos to the creators for making something as mundane as taxes feel like a breeze! Testimonial 2: Name: John Anderson Age: 35 City: Los Angeles Let me just start by saying, "Wow!" This website truly deserves a standing

Irs how much is gift tax

Testimonial 1: Name: Sarah Thompson Age: 34 City: New York City I just want to take a moment to express my admiration for the IRS How Much Is Gift Tax website! As someone who recently found themselves in a bit of a pickle regarding gift taxes, I was desperately searching for answers. Thankfully, this brilliant website popped up in my search results and provided me with all the information I needed. Not only was the content simple to understand, but it was also presented in a light and humorous manner that made reading about taxes a lot more enjoyable. Kudos to the creators for making such a dry topic so engaging! Testimonial 2: Name: Michael Johnson Age: 42 City: Los Angeles Let me tell you, folks, the IRS How Much Is Gift Tax website is an absolute gem! As a first-time homeowner, I was clueless about the gift tax implications when my parents graciously helped me with a down payment. I stumbled upon this delightful website that not only answered my questions with utmost clarity but also injected some much-needed humor into the whole tax talk. I never thought I'd say this, but I actually found myself chuckling at the witty explanations. Thanks to this amazing resource, I can now navigate the

Irs gift who is eliegable

Title: The Ultimate Guide to IRS Gift Eligibility: Making Tax Time a Little Brighter! Introduction: Hey there, fellow gift-givers! We all know how important it is to spread some joy during special occasions, and it's even better when we can do so while also making the most of our tax benefits. That's why we're here to share a lighthearted and informative guide on the IRS gift eligibility. Let's dive in and discover how to make our presents count! 1. It's a Gift Bonanza, but Who's Eligible? Are you wondering if your gift to a loved one is eligible for some tax perks? Fear not, dear reader! The IRS has got you covered. When it comes to eligibility, keep in mind that most gifts are not considered taxable income for the recipient. So, feel free to shower your friends and family with presents without worrying about Uncle Sam knocking on their door! 2. The Magic of Exclusions: Now, let's talk about some exciting exclusions. Did you know that there's an annual gift exclusion limit? Yes, indeed! As of 2021, you can give up to $15,000 per person per year without triggering any gift tax. So, go ahead and splurge on

What is the benefit of irs gift tax

Title: Understanding the Benefits of IRS Gift Tax Introduction: The IRS Gift Tax offers several advantages for individuals looking to transfer wealth or assets to their loved ones during their lifetime. By comprehending the benefits of IRS Gift Tax and its applicable conditions, you can effectively plan your financial decisions and maximize your estate's value. Below, we have highlighted the key advantages and conditions associated with the IRS Gift Tax. Benefits of IRS Gift Tax: 1. Tax Exclusion: - Through the IRS Gift Tax, you can gift a certain amount of money or assets each year without incurring any federal gift tax. - As of 2021, the annual exclusion amount is $15,000 per recipient, meaning you can gift up to $15,000 to any number of individuals without triggering gift tax consequences. - This exclusion allows you to transfer wealth efficiently while reducing your taxable estate. 2. Lifetime Exemption: - In addition to the annual exclusion, the IRS provides a lifetime gift tax exemption. - As of 2021, the lifetime exemption amount is $11.7 million per individual. - This exemption allows you to gift assets beyond the annual exclusion amount without immediately incurring gift tax. - Utilizing this exemption effectively can help reduce estate taxes upon your passing. 3. Estate Tax

What is considered a taxable gift?

The tax applies whether or not the donor intends the transfer to be a gift. The gift tax applies to the transfer by gift of any type of property. You make a gift if you give property (including money), or the use of or income from property, without expecting to receive something of at least equal value in return.

What is a gift tax quizlet?

Gift Tax. An excise tax levied on the transfer or property where less than adequate and full consideration was received.

Frequently Asked Questions

How much gift is not taxable?

If you give people a lot of money or property, you might have to pay a federal gift tax. But most gifts are not subject to the gift tax. For instance, you can give up to the annual exclusion amount ($17,000 in 2023, 18,000 in 2024) to any number of people every year, without facing any gift taxes.

Is a gift considered income?

Do you pay taxes when you receive a gift? In most cases, no. Assets you receive as a gift or inheritance typically aren't taxable income at the federal level. However, if the assets later produce income (perhaps they earn interest or dividends, or you collect rent), that income is probably taxable.

What is the gift section of income tax?

Taxation rules on gifts exchange have been laid down under section 56 (2)(vi) of the Income Tax Act. It states that any gift received with or without consideration in excess of Rs 50,000 in a financial year will be added to your income from other sources and taxed according to your slab.

What triggers a gift tax return?

If you give more than the annual gift tax limit, you may have to file a gift tax return, but this does not necessarily mean that you'll owe taxes on the gift. The gift tax limit is $17,000 in 2023 and $18,000 in 2024. The gift tax rate ranges from 18% to 40%.

At what point are gifts taxed?

If you give people a lot of money or property, you might have to pay a federal gift tax. But most gifts are not subject to the gift tax. For instance, you can give up to the annual exclusion amount ($17,000 in 2023, 18,000 in 2024) to any number of people every year, without facing any gift taxes.

How does the IRS know if I give a gift?

If you've transferred money directly from your bank account in giving your gift, the IRS can find out about this. The IRS is generally unlikely to find out about a gift normally. However, if you get audited, the IRS will know. You could then be subject to penalties for not reporting the gift.

How do I avoid IRS gift tax?

6 Tips to Avoid Paying Tax on Gifts
  1. Respect the annual gift tax limit.
  2. Take advantage of the lifetime gift tax exclusion.
  3. Spread a gift out between years.
  4. Leverage marriage in giving gifts.
  5. Provide a gift directly for medical expenses.
  6. Provide a gift directly for education expenses.
  7. Consider gifting appreciated assets.

What constitutes a gift for gift tax purposes?

The gift tax applies to the transfer by gift of any type of property. You make a gift if you give property (including money), or the use of or income from property, without expecting to receive something of at least equal value in return.

What are the IRS rules for gifts to family members?

The total value of gifts the individual gave to at least one person (other than his or her spouse) is more than the annual exclusion amount for the year. The annual exclusion amount for 2023 is $17,000 and for 2024 is $18,000.

What is not considered a gift?

Tuition or medical expenses paid on behalf of another person (education exclusion and medical exclusion) Gifts to a political organization. Gifts to your spouse (unlimited gifts can be exchanged between spouses without gift tax implications, assuming both spouses are US citizens) Gifts to qualified charities.

Who is responsible for paying gift tax?

The donor is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead.

Who pays the gift tax the giver or the recipient?

The federal gift tax exists for one reason: to prevent citizens from avoiding the federal estate tax by giving away their money before they die. The gift tax is perhaps the most misunderstood of all taxes. When it comes into play, this tax is owed by the giver of the gift, not the recipient.

Who imposes gift tax?

The Internal Revenue Service (IRS) A gift tax is a federal tax imposed by the Internal Revenue Service (IRS) on individual taxpayers who transfer property to someone else without receiving anything of substantial value in return. A gift can include cash, real estate, and other forms of property.

Who has to do a gift tax return?

IRS Form 709 – Filing Requirements Generally, Form 709: U.S. Gift (and Generation-Skipping Transfer) Tax Return is required if any of the following apply: An individual makes one or more gifts to any one person (other than his or her citizen spouse) that are more than the annual exclusion for the year.

Who gets taxed on gift tax?

The gift tax limit is $17,000 in 2023 and $18,000 in 2024. The gift tax rate ranges from 18% to 40%. The gift giver is the one who generally pays the tax, not the receiver.

Can my parents gift me $30000?

The IRS basically ignores gifts that don't breach the annual gift tax exclusion. For the tax year 2023, an individual can give up to $17,000 per person without informing Uncle Sam. In 2024, that limit rises to $18,000.

How does the gift tax work?

The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. The tax applies whether or not the donor intends the transfer to be a gift. The gift tax applies to the transfer by gift of any type of property.

What are the rules for the federal gift tax?

If you give more than the annual gift tax limit, you may have to file a gift tax return, but this does not necessarily mean that you'll owe taxes on the gift. The gift tax limit is $17,000 in 2023 and $18,000 in 2024. The gift tax rate ranges from 18% to 40%.

FAQ

What triggers federal gift tax?
The gift tax is a federal levy that applies when you give to another individual or individuals, without charge, a sum of cash or assets—either tangible or intangible—that have intrinsic worth.
What qualifies as a gift for tax purposes?
What is considered a gift? Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return.
Do I have to report gifted money as income?
If you receive a gift, you do not need to report it on your taxes. According to the IRS, a gift occurs when you give property (like money) without expecting anything in return. If you gift someone more than the annual gift tax exclusion amount ($17,000 in 2022), the giver must file Form 709 (a gift tax return).
How much money can I receive as a gift without reporting to IRS?
Do I have to pay taxes on a $20,000 gift? You do not need to file a gift tax return or pay gift taxes if your gift is under the annual gift tax exclusion amount per person ($17,000 in 2023). If you do exceed that amount, you don't necessarily need to pay the gift tax.
How much is the federal gift tax in 2023?
$17,000 The 2023 gift tax limit is $17,000. For married couples, the limit is $17,000 each, for a total of $34,000. This amount, formally called the annual gift tax exclusion, is the maximum amount you can give a single person without reporting it to the IRS.
How much money can you gift a family member without paying taxes?
For help with the gift tax or any other personal finance issues you may have, consider working with a financial advisor. The annual gift tax exclusion of $17,000 for 2023 is the amount of money that you can give as a gift to one person, in any given year, without having to pay any gift tax.
How does IRS know you gifted money?
The primary way the IRS becomes aware of gifts is when you report them on form 709. You are required to report gifts to an individual over $17,000 on this form. This is how the IRS will generally become aware of a gift. However, form 709 is not the only way the IRS will know about a gift.
What is the family gift tax?
The gift tax is a federal tax levied on a taxpayer who gives money or property to someone else. A gift is anything of substantial value, such as cash and real estate, for which the donor doesn't get anything substantial in return.
How can a family avoid gift tax?
6 Tips to Avoid Paying Tax on Gifts
  1. Respect the annual gift tax limit.
  2. Take advantage of the lifetime gift tax exclusion.
  3. Spread a gift out between years.
  4. Leverage marriage in giving gifts.
  5. Provide a gift directly for medical expenses.
  6. Provide a gift directly for education expenses.
  7. Consider gifting appreciated assets.
What is the federal gift limit for family members?
How many annual exclusions are available?
Year of GiftAnnual Exclusion per Donee
2013 through 2017$14,000
2018 through 2021$15,000
2022$16,000
2023$17,000
How much can you gift a non family member tax free?
17,000 According to the IRS, a gift occurs when you give property (like money) without expecting anything in return. If you gift someone more than the annual gift tax exclusion amount ($17,000 in 2022), the giver must file Form 709 (a gift tax return).
How do I get around gift tax?
Double (or quadruple) your limit. The key to avoiding paying a gift tax is giving no more than the annual exclusion amount to any person in a given tax year. For 2023, that amount is $17,000 (up from $16,000 in 2022). This means if you want to give ten people $17,000 each in one year, the IRS won't care.
Who pays the gift tax the sender or the receiver?
The gift tax limit is $17,000 in 2023 and $18,000 in 2024. The gift tax rate ranges from 18% to 40%. The gift giver is the one who generally pays the tax, not the receiver.
How does IRS track gift tax?
The primary way the IRS becomes aware of gifts is when you report them on form 709. You are required to report gifts to an individual over $17,000 on this form. This is how the IRS will generally become aware of a gift. However, form 709 is not the only way the IRS will know about a gift.
Who is primarily liable for payment of the gift tax?
The donor The donor is primarily liable for the payment of the gift tax ( Code Sec. 6019).
Does gift tax apply to recipient?
At a glance: The gift giver pays any gift tax owed, not the receiver. You don't have to report gifts to the IRS unless the amount exceeds $17,000 in 2023. Any gifts exceeding $17,000 in a year must be reported and contribute to your lifetime exclusion amount.
Does the receiver of a gift report it to the IRS?
As a general rule, the giver of the gift, and not the recipient or recipients owes this tax. So, regarding cash gift taxes and gift reporting, gift tax is generally not an issue for most people who are the recipients of gifts, even large monetary ones.
How much money can you receive as a gift without being taxed?
Do I have to pay taxes on a $20,000 gift? You do not need to file a gift tax return or pay gift taxes if your gift is under the annual gift tax exclusion amount per person ($17,000 in 2023). If you do exceed that amount, you don't necessarily need to pay the gift tax.

What counts as a gift for tax purposes

Does the recipient of a cash gift have to report it to the IRS? As a general rule, the giver of the gift, and not the recipient or recipients owes this tax. So, regarding cash gift taxes and gift reporting, gift tax is generally not an issue for most people who are the recipients of gifts, even large monetary ones.
How much gift is tax-free in USA? How many annual exclusions are available?
Year of GiftAnnual Exclusion per Donee
2013 through 2017$14,000
2018 through 2021$15,000
2022$16,000
2023$17,000
How much money can be legally given to a family member as a gift in USA? A gift tax is a government tax imposed on those who give money or property to others in exchange for nothing (or less than total value). There is typically a tax-free gift limit to family members until a donation exceeds $15,000 (jumping up to $16,000 in 2022). In these instances, the IRS is usually uninvolved.
Does the recipient of a gift have to report it as income? You don't need to include the gifts that you and your spouse received as income. This is because gross income doesn't include the value of property you get by: Gift. Bequest.
What are the IRS rules on gifting money? The 2023 gift tax limit is $17,000. For married couples, the limit is $17,000 each, for a total of $34,000. This amount, formally called the annual gift tax exclusion, is the maximum amount you can give a single person without reporting it to the IRS.
When should I do my gift tax return? The gift tax return is due on April 15th following the year in which the gift is made.
What does the IRS consider a gift? A gift is anything of substantial value, such as cash and real estate, for which the donor doesn't get anything substantial in return. The IRS sets limits on how much taxpayers can gift to others annually and over their lifetime without incurring the gift tax.
What does the IRS consider a gift of anything of? You make a gift if you give property (including money), or the use of or income from property, without expecting to receive something of at least equal value in return. If you sell something at less than its full value or if you make an interest-free or reduced-interest loan, you may be making a gift.
How much money can you receive as a gift without paying taxes? Do I have to pay taxes on a $20,000 gift? You do not need to file a gift tax return or pay gift taxes if your gift is under the annual gift tax exclusion amount per person ($17,000 in 2023). If you do exceed that amount, you don't necessarily need to pay the gift tax.
How much money can a person receive as a gift without being taxed IRS? Do I have to pay taxes on a $20,000 gift? You do not need to file a gift tax return or pay gift taxes if your gift is under the annual gift tax exclusion amount per person ($17,000 in 2023). If you do exceed that amount, you don't necessarily need to pay the gift tax.
Does the recipient of a gift have to report it to the IRS? As a general rule, the giver of the gift, and not the recipient or recipients owes this tax. So, regarding cash gift taxes and gift reporting, gift tax is generally not an issue for most people who are the recipients of gifts, even large monetary ones.
How does government enforce gift tax? The IRS limits how much you can transfer to someone as a gift. Any amount over this threshold must be reported and applied toward a lifetime gift tax exemption. Once you exceed this limit, the gift tax becomes payable. The gift tax can be imposed even if you never intended the transfer to be a gift.
How does the IRS know if you gift someone money? How does the IRS know if I've given a large gift? The IRS requires you to file Form 709 if you give a large gift in excess of the annual exclusion amount during the tax year. Form 709 is not required for gifts that do not exceed the annual exclusion amount.
How do I legally get around gift tax? 6 Tips to Avoid Paying Tax on Gifts
  1. Respect the annual gift tax limit.
  2. Take advantage of the lifetime gift tax exclusion.
  3. Spread a gift out between years.
  4. Leverage marriage in giving gifts.
  5. Provide a gift directly for medical expenses.
  6. Provide a gift directly for education expenses.
  7. Consider gifting appreciated assets.
What happens if you don't report gift tax? If you fail to file this form, the IRS can find out via an audit. If they do not find out during your lifetime, they could find out during an audit of your estate, and then hit your estate with penalties and interest that accrued from when the gift tax return should have been filed.
How the rich avoid gift tax? Using trusts to give away homes and country houses The estate only has to pay gift tax on the value of the property when the trust was formed even if the home has appreciated by millions in value. QPRTs have become more popular in the past year as interest rate hikes confer another tax benefit.
How much can you gift tax-free in USA? How many annual exclusions are available?
Year of GiftAnnual Exclusion per Donee
2013 through 2017$14,000
2018 through 2021$15,000
2022$16,000
2023$17,000
How much money can you gift someone tax-free USA? That's because the IRS allows you to give away up to $18,000 in 2024 and $17,000 in 2023 in money or property to as many people as you like each year. The government also exempts $13.61 million in 2024 and $12.92 million in 2023 in gifts from tax over a person's lifetime.
  • Do I have to pay taxes if someone gives me a gift of $17000?
    • Any gift may be taxable, but the recipient of the gift does not have to pay the gift tax. The person who gives you the gift needs to file a gift tax return if it's more than the $17,000 annual exclusion.
  • What is an example of a gift tax?
    • For example, a man could give $18,000 to each of his 10 grandchildren this year with no gift tax implications. For context, the 2023 gift tax exemption is $17,000. But perhaps the same man chooses to give each grandchild $22,000 instead, exceeding the 2024 annual exclusion limit by $4,000 per gift.
  • How much does the IRS consider a gift?
    • What if my spouse and I want to give away property that we own together?
      Year of GiftAnnual Exclusion per DoneeAnnual Exclusion Total per Donee (from 2 spouses)
      2013 through 2017$14,000$28,000
      2018 through 2021$15,000$30,000
      2022$16,000$32,000
      2023$17,000$34,000
  • Do you have to pay taxes on money received as a gift?
    • Do you pay taxes when you receive a gift? In most cases, no. Assets you receive as a gift or inheritance typically aren't taxable income at the federal level. However, if the assets later produce income (perhaps they earn interest or dividends, or you collect rent), that income is probably taxable.
  • How can I gift money to someone tax free?
    • If you give more than $17,000 in 2023 or $18,00 in 2024 to someone in one year, you do not automatically have to pay a gift tax on the overage. You can give a total of up to $12.92 million in overages throughout your lifetime before you start owing the gift tax. This amount increases to $13.61 million for 2024.
  • Who has to pay gift tax the giver or receiver?
    • The gift tax is a federal tax on transfers of money or property to other people who are getting nothing (or less than full value) in return. It is typically paid by the giver, not the recipient.
  • Are gifts ever taxable to the recipient?
    • At a glance: The gift giver pays any gift tax owed, not the receiver. You don't have to report gifts to the IRS unless the amount exceeds $17,000 in 2023. Any gifts exceeding $17,000 in a year must be reported and contribute to your lifetime exclusion amount.
  • What is gift tax in usa
    • Jan 25, 2023 — The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return.
  • How much can you gift without reporting to IRS?
    • The 2023 gift tax limit is $17,000. For married couples, the limit is $17,000 each, for a total of $34,000. This amount, formally called the annual gift tax exclusion, is the maximum amount you can give a single person without reporting it to the IRS. Internal Revenue Service.
  • Do I have to report money gifted to me to the IRS?
    • If you receive a gift, you do not need to report it on your taxes. According to the IRS, a gift occurs when you give property (like money) without expecting anything in return. If you gift someone more than the annual gift tax exclusion amount ($17,000 in 2022), the giver must file Form 709 (a gift tax return).
  • Do I have to report a gift of $10 000?
    • Generally, the answer to “do I have to pay taxes on a gift?” is this: the person receiving a gift typically does not have to pay gift tax. The giver, however, will generally file a gift tax return when the gift exceeds the annual gift tax exclusion amount, which is $16,000 per recipient for 2022.
  • How does IRS know if you gift money?
    • The primary way the IRS becomes aware of gifts is when you report them on form 709. You are required to report gifts to an individual over $17,000 on this form. This is how the IRS will generally become aware of a gift. However, form 709 is not the only way the IRS will know about a gift.
  • What are the IRS rules for gifting money to family members?
    • Gift tax limit 2024 The 2024 gift tax limit is $18,000. For married couples, the limit is $18,000 each, for a total of $36,000. If you gift more than this sum, you must file a federal gift tax return in 2025. The lifetime gift limit rises to $13.61 million in 2024.
  • What constitutes a completed gift for tax purposes?
    • Treasury Regulations Section 25.2511-2 distinguishes between complete gifts, in which a donor parts with dominion and control so as to leave him powerless to change its disposition, and incomplete gifts, in which a donor reserves a power to revest beneficial title in herself.
  • How does the IRS define a gift?
    • You make a gift if you give property (including money), or the use of or income from property, without expecting to receive something of at least equal value in return. If you sell something at less than its full value or if you make an interest-free or reduced-interest loan, you may be making a gift.
  • What is the effective date of a gift?
    • The gift of a check is effective on the date the donor gives the check to the recipient. The donor has to still be alive when the donor's bank pays the check.
  • What are the three requirements of a completed gift?
    • In addition to being irrevocable, there are three additional elements that a gift must meet in order to be valid:
      • The donor must intend to make a present gift of the property;
      • The donor must actually deliver the property to the donee.
      • The donee must accept the gift.
  • How is a gift taxed
    • Nov 22, 2023 — Generally, the following gifts are not taxable gifts. Gifts that are not more than the annual exclusion for the calendar year. Tuition or