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Gift Tax

Price

$7.97

Understand the tax implications of gifting with our comprehensive guide on Gift Tax. This resource covers key aspects, including the annual exclusion limit, lifetime exclusion, and the requirement to file Form 709 for taxable gifts. It explains how gifts reduce the donor’s estate and the tax consequences of gifts that exceed exclusion limits, including special rules for specific types of assets and transactions.

 

Highlights:

 

• Annual Exclusion: Details on the $18,000 exclusion per recipient for 2024 and its application to different types of gifts.

• Lifetime Exclusion: Explanation of the $13.61 million lifetime exclusion for 2024 and its impact on estate tax.

• Filing Requirements: Criteria for when and how to file Form 709, including examples of taxable and non-taxable gifts.

• Special Asset Rules: Guidelines on gifting assets like real estate, stocks, digital assets, and jointly owned property.

• Exemptions: Clarification on transfers not considered gifts, such as payments for tuition and medical expenses when paid directly to the provider.

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