@PeteDotsey wrote:
......In the link below the federal gift tax exemption is $11.7 Million......
There is a lifetime gift tax exemption, which is currently $13.61 million for 2024, and an annual gift tax exclusion, which is currently $18,000 for 2024.
If you gift any one individual more than $18,000 for the 2024 calendar year, you would typically be required to file a gift tax return (Form 709) to report the gift to the IRS.
However, you would not typically have any tax liability until your lifetime gifts surpass $13.61 million.
