Can I give the annual exclusion amount to several people?

The exclusion generally applies separately to each recipient, subject to current rules. For tax reporting purposes, the annual gift tax exclusion is a federal amount that can change over time. When preparing the return, gifts above it are not automatically taxed, but they may require reporting and reduce the donor's remaining lifetime estate and gift tax exemption. Retain the documents that support the dates, amounts, ownership, and basis, and use a tax professional to confirm the correct reporting party, form, basis, and due date before anything is filed.