The annual exclusion is a set dollar amount that you may gift someone without reporting it to the IRS on a gift tax return. The 2023 gift tax exclusion was $17,000, and the 2024 gift tax exclusion is $18,000. ...
If you give away more than the annual exclusion amount in cash or assets (for example, stocks, land, a new car) to any one person during the tax year, you will need to file a gift tax return in addition to your federal tax return the following year.
That doesn’t mean you have to pay a gift tax — it just means you need to submit IRS Form 709 to disclose the gift.
Does Xi have to disclose all the gifting to Biden?
does this work the same for a “gift” from a trust?