Understanding the New Estate and Gift Tax Limits for 2023
Each year, the IRS sets the annual gift tax exclusion, which allows a taxpayer to gift a certain amount per recipient tax-free. For 2023, the IRS announced that the annual gift tax exclusion would increase to $17,000 per recipient—the highest exclusion amount ever. Married couples may gift up to $34,000 each year per recipient. If […]
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