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$18,000 per year per person is the limit for a gift tax exemption. He can give each of you and your spouses up to $18K per year (total of $36K) without taxes or impacting the lifetime exemption. Anything more is not taxable until the sum exceeds the $13.61 million lifetime exemption, but he will need to file the IRS From 709 to claim the lifetime exemption.
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Last edited by fintstone; 05-19-2024 at 02:19 PM..
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