Understanding IRS Gift Tax Limits for 2023
Sunday, 11 August 2024, 11:00
IRS Gift Tax Limits in 2023
Understanding how much you can gift to your son and daughter-in-law without triggering tax issues is important. For 2023, you can give each of them $17,000 annually without involving the IRS.
Key Takeaways
- If you exceed the gift limit, you may need to file a gift tax return.
- Exceeding the annual exclusion could impact future estate taxes.
- Tax-free gifts are a valuable way to support your family financially.
Conclusion
By understanding the IRS rules, you can make informed decisions about how to support your family without incurring tax liabilities.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.