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2024 Gift Tax Exclusion: Save Your Time and Money!

Photo from SmartAsset

As 2024 unfolds, Kiplinger posted about the efficiency in understanding the ins and outs of the federal gift tax can save you money and hassle when sharing your wealth. The gift tax, ranging from 18% to 40%, applies to various assets beyond cash. Delve into the 2024 gift tax exclusion, your key to tax-free generosity.

2024 Gift Tax Exclusion ranging from 18% to 40% (Photo from Ramsay Solution

2024 Gift Tax Exclusion

Learn the basics of the federal 2024 gift tax exclusion, from who typically pays it to the potential responsibilities of recipients.

Discover the extensive range of assets covered by the gift tax, including real estate, vehicles, and more.

Understand the concept of “fair market value” as the basis for determining the gift amount.

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2024 Gift Tax Exclusion Limits

Explore the annual gift tax exclusion for 2024, set at $18,000, with a combined limit of $36,000 for married couples.

Uncover exemptions for specific gifts and the importance of consulting with tax professionals for significant transactions.

Highlight the time-sensitive nature of the annual limit, stressing the need to make 2024 gifts before December 31, 2024.

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