If you give people a lot of money, you might have to pay a federal gift tax. But the IRS also allows you to give up to $17,000 in 2023 to any number of people without facing any gift taxes, and without the recipient owing any income tax on the gifts.
A tutorial on the gift tax: what defines a gift and what transfers are subject to the gift tax, and how to calculate the gift tax.
For 2022, the gift tax maximum is $16,000 per person per year (increasing to $17,000 for 2023).6This means that an individual may gift another individual $16,000 or less in 2022 without incurring a gift tax. The gift tax differs from theestate tax, which is levied on an heir's i...
Did you know you don't always have to pay taxes when you're giving a gift to your friends or family? The gift tax exclusion allows you to give tax-free gifts up to a certain amount each year, and there's an additional lifetime limit. Learn how you can us
Each state has a maximum aggregate contribution limit per beneficiary as well as other limits to be aware of. Learn more here.
can be sheltered by individuals. TheInternal Revenue Service (IRS)allows a maximum of $13.61 million in 2024 to be sheltered before taxes kick in ($13.99 million in 2025).1415This means that individuals can leave up to these amounts for these tax years and pay no federal estate tax. ...
For the past decade or so, the lifetime exemption for the federal estate tax has been high enough that few people have needed to worry about estate tax at all. As of 2023, the unified exemption for gifts and estates is $12.92 million. Considering that taxpayers also have access to gifts...
Charitable gift annuities maximum contribution for 2023Effective this year, retirees who are 70½ or older have the option of making a one-time donation of up to $50,000 from their traditional IRAs to a charitable gift annuity. In that case, the contribution isn’t tax deducti...
Investing for the long haul with little cash on hand is doable, but you’ll need a carefully crafted plan. Brian O'ConnellJan. 24, 2025 Increase Your Social Security Payments Follow these steps to receive the maximum possible Social Security benefit. Rachel HartmanJan. 23, 2025 Don’t Fall...
Maxwell Locke & Ritter has outlined a few 2024 year-end tax planning ideas for investors and individuals with estate and gift planning needs.