The gift tax is a tax on the transfer of property from one person to another without receiving full value in return. Whether you intended it as a gift or not, this tax might apply.
Have you given money or property as a gift? You might owe federal gift tax! Generally, the gift tax does not kick in until the value of your gifts to a person exceeds the annual exclusion for the year.
Stay informed and make sure you’re on top of your tax obligations!
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