Gifts fto family members lifetime limit
I want to verify that this is true for gifting more than $17,000 in 2023... For 2023, the lifetime gift tax limit is $12.92 million' So, each year that you exceed the annual gift tax exclusion for any recipient, the excess amount is reported on Form 709 for that year. However, you don't have to pay gift tax unless and until the total amount reported on all your 709 forms over the course of your life exceeds the lifetime gift tax limit for that year.
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