If you are gifting or receiving a gift, it is rarely ever taxable.
Right now, there is a lifetime exclusion of 11 million dollars per person or 22 million per married couple. Unless you gift over 22 million dollars, there are no taxes.
There is an exclusion right now for 2022 of $16,000 per person. As long as the gift is under that amount, you don’t have to file or report anything. As the gifter you don’t have to do anything or pay any taxes and as the receiver you don’t have to do anything or pay any taxes.
If you give more than $16,000 per person, there are still no taxes. A gift tax return does have to be filed!
Charitable contributions don’t count as gifts.
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