The gift tax is a federal levy that applies when the lifetime gift tax exclusion amount has been exceeded. For tax year 2025, that limit is $13.99 million. (In tax year 2024, ...

If you’re married, you can gift up to $38,000 without having to report it to the IRS — and without the amount counting against your lifetime gift tax exclusion.

Understand the federal gift tax, ... For married couples who live in community property states or couples who live in common ...

The gift and estate tax exemption is the amount you can transfer during your life or at your death without incurring gift or estate tax. For 2023, the gift and estate tax exemption is $12.92 ...

(That’s up $1,000 from the 2023 tax year's limit since the gift tax is one of many tax amounts adjusted annually for inflation.) For married couples, the combined 2024 limit was $36,000.

The return must be filled out because gifts above the exempt amount are subject to a gift tax. The gift tax return is only used by those who have given over $16,000 in 2022 ($17,000 in 2023).

The annual gift tax limit is per recipient; it isn’t the total amount a parent can give in a year. This means a parent can give $18,000 to one child and another $18,000 to another child without ...

The gift tax is typically paid by the person gifting, not the person receiving the gift. There are several factors that can impact the amount someone has to pay on their gifts.

If you’re married, you can gift up to $38,000 without having to report it to the IRS — and without the amount counting against your lifetime gift tax exclusion.

Gift and Estate Tax Exemption: The amount you can give during your lifetime, or at your death, and be exempt from federal estate and gift taxes has risen from $12,060,000 to $12,920,000.

The annual gift tax limit is per recipient; it isn’t the total amount a parent can give in a year. This means a parent can give $18,000 to one child and another $18,000 to another child without ...