What is the current annual amount of gift that is exempt from reporting?

What is the current annual amount of gift that is exempt from reporting?

Leslie, I'm pleased to report that the annual exclusion has gone up! For years it had been stuck at $10,000 a year, but it is now $12,000. But let's be clear on how the exclusion works. Everyone can give up to $12,000 away without having to report it on a gift tax return. This means that you can give $12,000 to anyone. So I can give it to my brother, friend, boss (not sure why I'd do that!), and colleague for a total give-away of $48,000 without paying any gift tax. Remember, this is not a cumulative amount; it is on a gift-by-gift basis.