What are gift tax exemptions?
An example of an AI chatbot conversation about gift tax exemptions and their implications.
What are gift tax exemptions?
Gift tax exemptions allow individuals to give gifts without incurring tax liabilities. In the U.S., there's an annual exclusion limit.
What is the current annual exclusion limit?
As of 2023, the annual exclusion limit is $17,000 per recipient. This means you can gift up to that amount without tax.
Are there any lifetime exemptions?
Yes, there is a lifetime gift tax exemption, which is $12.92 million as of 2023. Gifts above the annual limit count against this.
What happens if I exceed the exemption limits?
If you exceed the exemption limits, you may need to file a gift tax return and potentially pay taxes on the excess amount.
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