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Sagot :
Ms. Poppe is taxable for two gifts which are $50,000 cash to Yale university and 5,000 acres of land to her brother.
Are gifts taxed in the US?
- The annual gift tax exclusion is the initial way of tax-free gifting.
- The exclusion threshold is $15,000 per beneficiary in 2021 and $16,000 in 2022.
- Without incurring any estate or gift taxes, you are permitted to give any individual up to $15,000 in cash and other assets each year.
- Ms. Poppe gifted $6,300 to her niece which is a non-taxable gift as the cash is less than $16,000.
Therefore, Ms. Poppe is taxable for two gifts which are $50,000 cash to Yale university and 5,000 acres of land to her brother.
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