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Trusts & Estates Newsletter Spring 2016LIMITS ON ANNUAL GIFTS: FACT AND FICTION I can't give more than $14,000 a year to my kids. True or False? The answer is False. For most people, this is an artificial
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What is limits on annual gifts?
The limits on annual gifts refer to the maximum amount of money or value of property that an individual can give to another individual without incurring gift tax.
Who is required to file limits on annual gifts?
Individuals who make gifts exceeding the annual gift tax exclusion amount are required to file limits on annual gifts.
How to fill out limits on annual gifts?
To fill out limits on annual gifts, individuals must accurately report the total value of gifts given to each recipient throughout the year.
What is the purpose of limits on annual gifts?
The purpose of limits on annual gifts is to ensure that individuals do not avoid gift tax by giving large amounts of money or property as gifts.
What information must be reported on limits on annual gifts?
Individuals must report the total value of gifts given to each recipient, as well as any gifts that exceed the annual gift tax exclusion amount.
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