What are the tax implications of gifting money to someone?
An example of an AI chatbot conversation about tax implications of gifting money.
What are the tax implications of gifting money to someone?
Gifting money can have tax implications, such as gift tax and potential income tax for the recipient. How much are you planning to gift?
I'm thinking of giving $15,000 to my friend.
In the U.S., you can gift up to $17,000 per person per year without incurring gift tax. Since your gift is $15,000, it falls under this limit.
What if I want to gift more than that?
If you gift more than the annual exclusion amount, you may need to file a gift tax return. However, you can use your lifetime exemption to avoid paying taxes.
What is the lifetime exemption amount?
As of 2023, the lifetime gift tax exemption is $12.92 million. This means you can gift up to this amount over your lifetime without incurring gift tax.
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