The maximum tax free gift is the amount of money you can give to someone without having to pay gift tax. The gift tax is a tax on the transfer of property from one person to another without adequate consideration. It is a federal tax, but some states also have their own gift taxes. The … Read more
Determining the maximum gift amount for 2023 requires an understanding of the Internal Revenue Service (IRS) guidelines. These guidelines outline the allowable limits for monetary and non-monetary gifts made to individuals and organizations. The annual exclusion for 2023 is $17,000 per individual recipient. This means that you can give up to $17,000 to as many … Read more