What is the lifetime gift tax exemption?
An example of an AI chatbot conversation about the lifetime gift tax exemption.
What is the lifetime gift tax exemption?
The lifetime gift tax exemption is the total amount you can give away during your lifetime without incurring gift tax.
How much is the current exemption limit?
As of 2023, the lifetime gift tax exemption limit is $12.92 million per individual.
Does this exemption apply to all gifts?
Not all gifts qualify; certain exclusions apply, such as gifts to spouses or for educational and medical expenses.
What happens if I exceed the exemption limit?
If you exceed the exemption limit, you may have to pay gift tax on the amount over the limit.
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