1. In gift tax, there are two threshold limit (1) Annual exclusion, (2) Lifetime exclusion.
2. For financial year 2020, the annual exclusion is $15,000. The taxpayer can make a gift up to $15,000 to a recipient without attracting the gift tax reporting requirement. The annual exclusion limit is $15,000 per recipient and per year. This means the taxpayer can make an N number of gifts to N number of recipients. Once the taxpayer gift is more than $15,000, then the taxpayer needs to file gift tax return Form 709. There are certain exclusions from gift tax.
3. The excess amount that is value of gift - $15,000 will be reduced from the lifetime exclusion (refer below chart).
4. Once the value of the gift exceeds the lifetime exclusion, then the taxpayer needs to pay tax as per gift tax slab (refer below chart).
5. The gift tax return is individual return that means, even though married couple filing a joint return, need to file two individual gift tax return.
6. The above concept holds good for federal tax, while a few states treat gift differently and tax. State gift tax is an addition to federal gift tax.
7. Contribution to a 529 college savings plan is also treated a gift. However, as of Financial Year 2020, the lump sum contribution to 529 plans can be spread over five years to calculate annual exclusion.
8. The gift tax filing date is 15^th of July of the subsequent year of the gift.

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