LAFAYETTE, La. (KADN) — Tax-free annual gift exemption is $17,000 for 2023. If you're married, your spouse can also give $17,000 to the same people.
If you gift more than this annual exemption in 2023, you'll be required to file a Gift Tax Return which will reduce your lifetime gift exemption of $12.06 million.
For 2023, charitable contributions are limited to 60% of your Adjusted Gross Income. If you exceed this limitation, the excess contributions are carried over for five years.
