How do I calculate gift tax for my donations?
An example of an AI chatbot conversation about calculating gift tax on donations.
How do I calculate gift tax for my donations?
To calculate gift tax, you need to know the value of the gift and the annual exclusion limit. For 2023, the limit is $17,000.
What if I give more than the annual exclusion limit?
If you give more than the annual exclusion limit, you may need to file a gift tax return and potentially pay tax on the excess amount.
Are there any exemptions I should be aware of?
Yes, there are exemptions for gifts to spouses, charities, and for educational or medical expenses paid directly to the provider.
Can I use a gift tax calculator to help me?
Absolutely! A gift tax calculator can help you estimate your tax liability based on the value of your gifts and any applicable exclusions.
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