The federal tax on gifts is a tax on the transfer of property by one individual to another without receiving anything of equal value in return. The tax is imposed on the donor, not the recipient. The gift tax is designed to prevent people from avoiding estate taxes by giving away their assets before they … Read more
The federal gift tax exemption is a crucial aspect of estate planning and financial management. It determines the maximum value of gifts you can give to others without incurring federal gift tax. Understanding this exemption is essential to maximize your gifting strategies and minimize tax liabilities. In 2023, the federal gift tax exemption has been … Read more
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