Gift money now, before estate tax laws sunset in 2025
Gift money now, before estate tax laws sunset in 2025
The holidays are usually a time of gift-giving. But with new tax laws looming, the 2021 year-end may see some very extravagant giving.
The tax basics of a gift
A recipient of a gift does not pay income taxes on the gift. However, the gift-giver may pay gift taxes, unless one of two exemptions applies.
The first gift tax exemption is the annual exemption — anyone can give another person a gift of…
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