What is the annual gift tax exclusion?
An example of an AI chatbot conversation about the annual gift tax exclusion.
What is the annual gift tax exclusion?
The annual gift tax exclusion is the amount you can give to someone each year without incurring gift tax. For 2023, this amount is $17,000.
Does this amount change every year?
Yes, the annual gift tax exclusion can change each year based on inflation adjustments.
Are there any limits on how many people I can give this amount to?
No, you can give the annual exclusion amount to as many individuals as you like without incurring gift tax.
What happens if I exceed the exclusion amount?
If you exceed the exclusion amount, you may need to file a gift tax return, and the excess will count against your lifetime gift tax exemption.
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