A friend of ours told us that a person can give up to $15000 in 2021 as a gifts to a sibling, friend without paying any gift tax. Can someone explains this. What is the current rules? Thank you!
You can gift up to $15,000 to an individual without have to file an IRS Form 709 to report the gift given.
Gifts given to or received by an individual are not reported on a tax return.
Even if the gift given is greater than $15,000 to an individual the giver of the gift would not owe any gift taxes if all the gifts ever given were less than $11.58 million.
IRS website for gift FAQ's - https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes
IRS Form 709 website - https://www.irs.gov/forms-pubs/about-form-709
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