Annual Gift Tax Exclusion Amount

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Annual Gift Tax Exemption

The Annual Gift Tax Exemption Amount

The gift tax is when someone gives property to someone else and receives nothing or less than full value in return. Whether the giver intends the transfer to be a gift or not, it doesn’t matter, the tax still applies. The annual gift tax exclusion amount is set at $13,000 to a person. Any amount of money below $13,000 for that person in that year would not be a taxable

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