How can I gift assets to my family without tax implications?

How can I gift assets to my family without tax implications?

You can gift assets up to a certain value each year without incurring gift tax. For 2023, this limit is $17,000 per recipient.

What if I want to give more than that amount?

If you want to give more than the annual exclusion amount, you can use your lifetime gift tax exemption, which is over $12 million.

Are there any specific assets that are better to gift?

Gifting appreciated assets, like stocks or real estate, can be beneficial as it allows your family to avoid capital gains tax.

What paperwork do I need to complete for gifting?

You may need to file a gift tax return (Form 709) if you exceed the annual exclusion, but no tax is due unless you exceed the lifetime limit.