What are the gift tax rules for 2024?
An example of an AI chatbot conversation about gift tax rules for the year 2024.
What are the gift tax rules for 2024?
In 2024, the annual exclusion for gifts is $17,000 per recipient. This means you can give up to this amount without incurring gift tax.
Are there any changes from 2023?
Yes, the annual exclusion increased from $16,000 in 2023 to $17,000 in 2024. It's important to keep track of these limits.
What happens if I exceed the limit?
If you exceed the annual exclusion, you may need to file a gift tax return, and the excess amount will count against your lifetime exemption.
What is the lifetime exemption amount for 2024?
For 2024, the lifetime gift tax exemption is $13.2 million. This means you can give away this amount over your lifetime without incurring tax.
Can I give gifts to multiple people?
Yes, you can give gifts to multiple people, and each recipient can receive up to the annual exclusion amount without triggering gift tax.
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