Gift Tax Exemptions | Annual and Lifetime Gift Limits
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- Опубликовано: 17 ноя 2024
- Gift Tax Exemptions | Annual and Lifetime Gift Limits
In this comprehensive video, delve into the intricacies of gift tax exemptions. We explore both annual and lifetime gift tax exemptions, providing valuable insights to help you navigate the complexities of gifting. Whether you're considering making large gifts or want to optimize your gifting strategy, understanding these exemptions is essential. Join us as we break down the differences between annual and lifetime exemptions, and provide practical tips for effective tax planning. Subscribe now for expert guidance on maximizing your gifting potential and minimizing your tax liabilities.
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Can I gift the max dollar amount for that year to the "same person" year after year (for the next 20 years) with out filing a Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return?
Correct, you can gift the annual exemption, without it effecting anything else.
You can Gift someone the 18K every year without even having to report anything. Once you go over the threshold you have to fill out the form. Does not mean you have to pay taxes on it but you have to report it up to a limit of 13.6 million dollars Anything over the 13.6 million dollars is taxable. , but that can interfere with medicare and other federal benefits which makes perfect sense. That is huge amount of money that is tax free. Won't affect much people unless your like mega millionaire or billionaire. Those guys do trusts and put conditions to the money. That is what he meant with loosing control. Im more worried about the damn government taking your hard earned cash.
Let's say I give my mom 18 thousand. But now I want to pay for her groceries monthly throughout the year. Do groceries count towards the gift tax?
Yes, if they are benefiting her, that would be a gift.
Can each of my parents give me 15000 each so they don't have to be taxed
This year 18k