What are the differences between marital deduction and gift tax?
An example of an AI chatbot conversation about tax deductions and gift tax differences.
What are the differences between marital deduction and gift tax?
The marital deduction allows spouses to transfer assets to each other without incurring tax, while gift tax applies to transfers to non-spouses.
Can you explain how the marital deduction works?
Sure! The marital deduction lets one spouse give any amount to the other without tax implications, which can help in estate planning.
What about the limits on gift tax?
The annual gift tax exclusion allows individuals to give up to a certain amount per recipient each year without incurring gift tax.
Are there any exceptions to these rules?
Yes, there are exceptions, such as gifts for medical or educational expenses that can be excluded from gift tax.
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