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by pkaye
2789 days ago
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The yearly gift tax exclusion is $15K to each recipient. When it exceeds that, it will count against the lifetime estate tax exclusion which is $5.6M. Only then would they have to worry about the extra taxes. So for an average person they will never reach that limit. And there are clever tricks to bump up the limits. The two parents can gift to the child/spouse separately to give 4x the gift tax limit. |
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