Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Jose Luis Pelaez Inc / Getty Images The term gift splitting refers to an estate planning ...

Fewer taxpayers are subject to gift taxes thanks to a $12,920,000.00 lifetime gift tax exemption for 2023. Because many taxpayers do not fall under the exemption amount, they do not necessarily have ...

Learn about the gift tax rules, limits, and how to report taxable gifts to the IRS. Understand the lifetime exclusion limit and annual reporting requirements with examples.

If you give someone cash or property valued at more than the 2023 annual exclusion limit of $17,000 ($34,000 for married joint filers), you'll have to fill out Form 709 for gift tax purposes. But ...