Learn about the gift tax rules, limits, and how to report taxable gifts to the IRS. Understand the lifetime exclusion limit and annual reporting requirements with examples.

A key rule is that the giver is responsible for any tax, not the recipient. But most people never owe any gift tax because of ...

Advice offered by Marc Hebert, president of The Harbor Group Inc., a certified financial planner. If you have any questions about finance or if you'd like to suggest a future topic, email ...

For 2023, the annual gift tax exemption is $17,000, up from $16,000 in 2022. This means you can give up to $17,000 to as many people as you want in 2023 without any of it being subject to the federal ...

Most taxpayers, from individuals to married couples, are unfamiliar with the concept of the gift tax. The government assesses this tax on certain transfers of money or other assets from one person to ...

The IRS allows individuals to give up to $18,000 in gifts per person in 2024 without having to report it or pay taxes on the ...

Inflation also means that well-off folks will be able to transfer much more to their heirs tax free during life—or at death. The Internal Revenue Service Today announced new inflation-adjusted limits ...