What are the differences between gift tax and inheritance tax?
An example of an AI chatbot conversation about gift tax and inheritance tax differences.
What are the differences between gift tax and inheritance tax?
Gift tax is imposed on transfers of property during a person's lifetime, while inheritance tax is levied on assets inherited after someone's death.
Are there any exemptions for either tax?
Yes, there are exemptions for both. For gift tax, there's an annual exclusion limit, and for inheritance tax, certain assets may be exempt based on state laws.
How do the rates compare between the two?
Gift tax rates can range from 18% to 40%, while inheritance tax rates vary by state, typically ranging from 0% to 16%.
Can I avoid these taxes legally?
Yes, there are legal strategies such as gifting within the annual exclusion limit or setting up trusts to minimize tax liabilities.
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