Are you feeling generous this year? Taxpayers can transfer large amounts free of gift taxes to loved ones each year with the proper use of the annual exclusion. For 2022, the exclusion amount is $16,000. The exclusion covers gifts that an individual makes to each recipient each year. So a taxpayer with three children can transfer $48,000 to the children this year free of federal gift taxes. Married couples can consent to give up to $32,000 a year to each recipient because two exclusions are available. Other rules may apply, and you may need to file a gift tax return if you give more than $16,000 or you consent to give gifts with your spouse. We can prepare a gift tax return for you. https://bit.ly/2NMIz4g
