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Us Gift Tax 2020. The 2020 annual gift tax limit is $15,000 per person or $30,000 per married couple. What do these limits actually mean?
What do these limits actually mean? Gift tax if you give someone money or property during your life, you may be subject to federal gift tax. The lifetime exemption applies to amounts.
The exemption figure covers both the lifetime gift tax exemption and the estate tax exclusion.
Two things keep the irs’ hands out of most people's candy dish: “the cup is your annual exclusion of $15,000 per person per year gift. Tax only applies to the value in excess of the exclusion, but you still don’t have to pay tax unless you have also given more than the lifetime exclusion ($11.58 million in 2020. The annual exclusion is $15,000 for tax years 2019 and 2020.