Hi Cullenbarbiefr. Thank you for joining us today.
Any gift from one individual to another including, children and other family members,(except for spouses) is subject to the gift tax rules. For 2023, the gift tax exclusion is $17,000. Any gift in excess of this amount would need to be reported on a Form 709 to the IRS. These excess amounts lower the lifetime exclusion amount. The lifetime exclusion is $12.92 million for 2023.
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