What are the gift tax exemptions for 2024?
An example of an AI chatbot conversation about gift tax exemptions for the year 2024.
What are the gift tax exemptions for 2024?
For 2024, the annual gift tax exclusion is expected to be $17,000 per recipient. This means you can give up to this amount without incurring gift tax.
Are there any lifetime exemptions I should know about?
Yes, in 2024, the lifetime gift tax exemption is projected to be around $12.92 million. This allows you to give away this amount over your lifetime without paying gift tax.
What happens if I exceed these limits?
If you exceed the annual exclusion or lifetime exemption, you may need to file a gift tax return and potentially pay gift tax on the excess amount.
Can I combine gifts with my spouse?
Yes, you and your spouse can combine your annual exclusions, allowing you to gift up to $34,000 per recipient without tax implications.
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