You may be surprised to hear that the gifts that you give to others are all taxable unless you are giving the gift to your spouse. The reason why you probably do not incur tax expenses when you give people birthday gifts is because of the fact that there is an annual gift tax exclusion. Unified Federal Gift & Estate Tax Before we get into the annual gift tax exclusion, we should explain the unified federal gift and estate tax from an overview. When you transfer assets to others, either … [Read more...] about What Is the Annual Gift Tax Exclusion?
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