How do I report gifts on my taxes?
An example of an AI chatbot conversation about reporting gifts on taxes.
How do I report gifts on my taxes?
You need to report gifts on your taxes if they exceed the annual exclusion limit. For 2023, this limit is $17,000 per recipient.
What if I received a gift that was worth more than that?
If you received a gift worth more than the exclusion limit, the giver is responsible for filing a gift tax return, but you don't need to report it.
Are there any exceptions to this rule?
Yes, certain gifts like those for medical expenses or educational expenses can be excluded from the gift tax.
How do I know if I need to file a gift tax return?
If you give a gift that exceeds the annual exclusion limit, you must file a gift tax return, even if no tax is owed.
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