Maximize Your Giving Understanding the Gift Tax

This federal excise starts at 18% and can reach up to 40% on certain gift amounts. The responsibility for paying the tax typically lies with the ... The annual gift tax exclusion allows individuals to gift a specific amount to as many recipients as they wish without triggering gift tax obligations. As of ... It's important to note that the changes made to many of the income taxes and, more specifically, to the lifetime exemption amount for the gift ... It means that a person can give away $17,000 to anyone and to as many people as they would like without having to file IRS form 709 with their taxes. The reason ... Gift Tax, Generation Skipping Transfer Tax, and Estate Tax Exemptions (Unified) · Single: $13,610,000 · Married: $27,220,000 · Rate: 40% · Gift and GST Tax Annual ... You are generally not required to file a gift tax return unless the total gifts to a recipient exceed the annual gift tax exclusion for that calendar year. The ... What does this mean for you? If you are single, you can give up to $18,000 to as many recipients as you choose in one single year without the ... Currently, the federal gift tax rate is 40%; however, this tax does not apply to gifts up to $16,000, per person. In other words, every year an individual can ... 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 ... You can give $15,000 to as many people as you want without having to file a gift tax return or pay any tax, according to current tax regulations ...