3 ms·

You're off by a bit. It's 17,000. https://www.irs.gov/faqs/interest-dividends-other-types-of-income/gifts-inheritances/gifts-inheritances-1 https://www.irs.go

• greyface- 4y ago
  That's the reporting threshold, not the total exclusion amount.
• lotsofpulp 4y ago
  See “exemptions” section: https://en.wikipedia.org/wiki/Gift_tax_in_the_United_States https://en.wikipedia.org/wiki/Gift_tax_in_the_United_States > Second, gifts in excess of the annual exclusion may still be tax-free up to the lifetime estate basic exclusion amount ($11.58 million for 2020).[9] For estates over that amount, however, such gifts might result in an increase in estate taxes. Taxpayers that expect to have a taxable estate may sometimes prefer to pay gift taxes as they occur, rather than saving them up as part of the estate.