What are the differences between gift tax and estate tax?
An example of an AI chatbot conversation about gift tax and estate tax.
What are the differences between gift tax and estate tax?
Gift tax is imposed on transfers of money or property while you're alive, whereas estate tax is levied on your assets after you pass away.
Are there any exemptions for gift tax?
Yes, there are annual exclusions and lifetime exemptions. For 2023, you can give up to $17,000 per person without incurring gift tax.
How does estate tax work?
Estate tax is calculated based on the total value of your estate at the time of death, and it applies to amounts above a certain threshold.
What is the current estate tax exemption limit?
As of 2023, the estate tax exemption limit is $12.92 million per individual.
Can I avoid gift tax by giving away my assets before I die?
While gifting can reduce your estate size, be mindful of the gift tax limits and potential implications on your estate.
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