Under which circumstances must you pay a gift tax?

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Tara Purdy asked a question: Under which circumstances must you pay a gift tax?
Asked By: Tara Purdy
Date created: Sat, Jul 24, 2021 7:02 AM
Date updated: Mon, Jan 17, 2022 11:44 PM

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Generally, you pay gift tax when your gift exceeds the annual exclusion for the person to whom you are giving it, which is $15,000 in 2012. However, there are other exceptions, and a lifetime exclusion of $5,000,000 that might be useful.

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