From PolicyGenius.com…..
When you give a gift to someone, the Internal Revenue Service (IRS) requires you to pay tax if it’s worth more than a certain amount. This is the federal gift tax. In 2020, you can gift any individual up to $15,000 for the year, just as you could in 2019 and will be able to do in 2021. Gifts to your spouse and certain tax-exempt organizations are exempt from gift tax.
