”One of the most effective estate-tax-saving techniques is also one of the simplest: making use of the gift tax annual exclusion. It allows you to give to an unlimited number of family or friends cash or property valued up to a “specified” amount each year without owing gift tax or using up any of your lifetime gift and estate tax exemption. For 2023, the annual exclusion amount is $17,000.“One of the most effective estate-tax-saving techniques is also one of the simplest: making use of the gift tax annual exclusion. It allows you to give to an unlimited number of family or friends cash or property valued up to a “specified” amount each year without owing gift tax or using up any of your lifetime gift and estate tax exemption. For 2023, the annual exclusion amount is $17,000.
Tips to Help You Figure Out if Your Gift is Taxable
Gift tax returns generally do not need to be filed unless you give someone, other than your spouse (if he or she is a U.S. citizen) money or property worth more than the gift tax annual exclusion for that year. Here are four more tips regarding the tax treatment of gifts: