Can I gift assets to reduce my tax liability?
An example of an AI chatbot conversation about gifting assets for tax reduction.
Can I gift assets to reduce my tax liability?
Yes, gifting assets can help reduce your taxable estate, but there are limits and rules to consider.
What are the annual gift tax exclusions?
For 2023, the annual exclusion is $17,000 per recipient. Gifts above this amount may incur taxes.
Are there any specific assets that are better to gift?
Gifting appreciated assets, like stocks, can be beneficial as it may help avoid capital gains tax.
What happens if I exceed the gift tax exclusion?
If you exceed the exclusion, you'll need to file a gift tax return, and it may count against your lifetime exemption.
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