Gifts vs Inheritance Tax: What Should I Know?
An example of an AI chatbot conversation about gifts and inheritance tax implications.
What are the tax implications of giving gifts versus leaving an inheritance?
Gifts can be subject to gift tax, while inheritances may be subject to estate tax. It depends on the amount and timing.
How much can I give as a gift without incurring taxes?
In the U.S., you can give up to $17,000 per person per year without triggering the gift tax.
What happens if I exceed the gift tax limit?
If you exceed the limit, you may need to file a gift tax return, and the excess amount counts against your lifetime exemption.
Is it better to give gifts while I'm alive or leave an inheritance?
It depends on your financial situation and goals. Gifts can help reduce your taxable estate, but consider your cash flow needs.
Can I give my house as a gift?
Yes, you can give your house as a gift, but be aware of potential tax implications and the impact on your estate.
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