The IRS allows you to gift a certain amount over the course of your lifetime, without having to pay the federal gift tax on those gifts. As noted above, the lifetime gifting amount as of 2023 is $12.92 million per individual or $25.84 million for a couple. This amount is adjusted each year, however, changes to federal law mean that the lifetime gift tax exemption is scheduled to decrease, dropping to about $6 million per individual by 2026. The 2022 annual gift tax exemption of $16,000, also changes each year. If you were to give your son a gift of $30,000 in 2022, the first $16,000 would not be taxable, because of your annual exclusion. The remaining $14,000 would count against your lifetime gift tax exemption and the federal estate tax exemption.