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Deductions & credits
You should try to be as accurate as possible. The gift is applied to the Unified Credit.
The U.S. has a unified gift and estate tax system at the federal level. Everyone has a lifetime exemption from gift and estate tax -- $11.4 million for 2019 -- and even after you use up your $15,000 annual exclusion, any remaining gift amount applies against your lifetime exemption amount.
May 15, 2021
9:23 AM
746 Views