How to use my personal gift tax exemption
I heard every citizen or maybe even greencard holder has a gift tax exemption of $12.06M, is it right? I am thinking about giving a gift to my relative as a gift to his wedding, and the amount will be more than the annual gift tax exemption ($16K in 2022 I believe) . I believe some of them might involves with the gift tax exemption. I would like to know if I the giver (also the recipient) needs to tell IRS that I am using my gift tax exemption. What is the typical way to claim the gift tax exemption? Thank you. Johnson P.S.: please don;t call, SMS or email is preferred.
This Question Has Not Yet Been Answered.
