However, that doesn't necessarily mean you'll owe any tax. If you give more than $17,000 to anyone in 2023, and no exemption applies, you'll have to file a federal gift tax return ( IRS Form 709). ![]() What if you exceed the annual gifting limits? Spouses can also agree to "split" a gift that isn't community property if certain requirements are met. For example, a $20,000 gift of community property counts as two separate $10,000 gifts made by each spouse. Tax Tip: If a married couple gives away community property, the gift is treated as if half of t he property is given by each spouse, which could have implications for determining whether the $17,000 gift tax limit is exceeded. So, you have to make your gifts before Decem(gift checks must also be deposited by that date). That's $272,000 in tax-free gifts! Just remember that the $17,000 (or $34,000) limit is an annual limit. Here's an example: If you're married and have two married children and four grandchildren, you and your spouse can give up to $34,000 in 2023 to each of your kids, their spouses, and all the grandchildren without even having to file a gift tax return or pay any tax.
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