Mastering the Gift Tax Maze A Strategic Approach to Giving

There are no limitations on how much you can give someone. However, if you give more than $18,000 per person, then it becomes a reportable gift and the giver ... This amount is known as the annual exclusion amount, which for 2024 is $18,000 per beneficiary. As one court has stated: In providing an ... Rates range from 18% to 40%, with the top bracket applying to taxable gifts of $1 million or more. How does the gift tax affect my estate tax? The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Generally, the following gifts are not taxable gifts: • ... The annual gift tax exclusion of $17,000 for 2023 is the amount of money that you can give as a gift to one person, in any given year, without ... The estate and gift tax exemption will be $13.99 million per individual for 2025 gifts and deaths, up from $13.61 million in 2024. You would pay the gift tax if you have an estate or made gifts in excess of the lifetime exclusion in place when you pass away. Who Pays The ... If you make very large gifts during your lifetime, you may owe federal gift tax. But don't worry too much about gift tax: the vast majority of Americans ... For instance, if you give someone a gift worth between $20,000 and $40,000, the marginal gift tax rate is 22%. But if you give someone a gift ... The IRS allows you to gift up to $18,000 in money or property to an individual each year without having to report it to the IRS (for the tax ...