The current limit is $15,000 (not 14k).

[Bolded due to apparent general obscurity of the following ...]

There's MUCH more to this situation than most people seem to realize.

There is a second exemption that is also always in play. It's called "lifetime (estate and) gift tax exemption". Short version (from Charles Schwab) is:

"The IRS allows a lifetime tax exemption on gifts and estates, up to a certain limit, which is adjusted yearly to keep pace with inflation. For 2021, an individual's combined lifetime exemption from federal gift or estate taxes is $11.7 million. If married, the joint exemption is $23.4 million."

That's it in a nutshell. HTH. 😊🤗

The current limit is $15,000 (not 14k).

There's MUCH more to this situation than most people seem to realize.

There is a second exemption that is also always in play. It's called "lifetime (estate and) gift tax exemption". Short version (from Charles Schwab) is:

"The IRS allows a lifetime tax exemption on gifts and estates, up to a certain limit, which is adjusted yearly to keep pace with inflation. For 2021, an individual's combined lifetime exemption from federal gift or estate taxes is $11.7 million. If married, the joint exemption is $23.4 million."

That's it in a nutshell. Mind-boggling revelation to me. YMMV. 😊🤗