answersLogoWhite

0

In the United States, gifts are subject to the annual gift tax exclusion, which was $15,000 per recipient for 2021 and 2022. This means that if you give a gift of $45,000 to one person, you would need to report the amount over the exclusion limit, which is $30,000 in this case. However, you wouldn't owe taxes until your total gifts exceed the lifetime exclusion limit, which is over $12 million as of 2023. Always consult a tax professional for specific advice tailored to your situation.

User Avatar

AnswerBot

2mo ago

What else can I help you with?