What are gift tax exemptions?
An example of an AI chatbot conversation about gift tax exemptions and regulations.
What are gift tax exemptions?
Gift tax exemptions allow individuals to give gifts without incurring tax liabilities. In the U.S., there's an annual exclusion limit.
What is the current annual exclusion limit for gifts?
As of 2023, the annual exclusion limit is $17,000 per recipient. This means you can give up to that amount without triggering gift tax.
Are there any lifetime exemptions I should know about?
Yes, there is a lifetime exemption amount, which is $12.92 million as of 2023. This applies to the total value of gifts over your lifetime.
What happens if I exceed the annual exclusion?
If you exceed the annual exclusion, you may need to file a gift tax return, but you won't owe tax until you exceed the lifetime exemption.
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