Per IRS Publication 559 Survivors, Executors, and Administrators, page 25:

The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule.

Generally, the following gifts aren't taxable gifts.

• Gifts, excluding gifts of future interests, that aren't more than the annual exclusion for the calendar year.
• Tuition or medical expenses paid directly to an educational or medical institution for someone else.
• Gifts to your spouse, if your spouse is a United States citizen.
• Gifts to a political organization for its use.
• Gifts to certain exempt organizations described in 501(c)(4), 501(c)(5), and 501(c)(6).
• Gifts to charities.

Gift Tax Annual Exclusion

In 2022, generally, gifts valued up to $16,000 per person could have been given to any number of people, and none of the gifts will be taxable. If the decedent's spouse is not a United States citizen, the annual exclusion for gifts made to him or her in 2022 is limited to $164,000. 

The TaxAct program does not support Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return. This is a separate return from the individual tax return (Form 1040 U.S. Individual Income Tax Return).

Related Links

• Instructions for Form 709

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the webpage or document at the time it is accessed.