Per IRS Publication 559 Survivors, Executors, and Administrators, page 25:
The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule.
Generally, the following gifts aren't taxable gifts.
In 2022, generally, gifts valued up to $16,000 per person could have been given to any number of people, and none of the gifts will be taxable. If the decedent's spouse is not a United States citizen, the annual exclusion for gifts made to him or her in 2022 is limited to $164,000.
The TaxAct program does not support Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return. This is a separate return from the individual tax return (Form 1040 U.S. Individual Income Tax Return).
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