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foreign so in this video Im going to walk through the gift tax rules and Im going to give one example of like a planning opportunity theres just going to be three slides no tax returns you know examples because theres really none Ill show you the tax form if you kind of go over the exclusion amount so lets get right into it um so the annual gift exclusion is sixteen thousand dollars for the 2022 tax year so from January 1st 2022 through December 31st 2022 if you a single person gifted like one of your friends sixteen thousand dollars they dont have to pay tax on it you dont have to report it to the IRS now if youre married you and your spouse you can gift thirty two thousand dollars to someone they dont have to pay tax on it you dont have to report to the IRS thats kind of the the very basics of this gift tax rule um now everyone is has like a lifetime annual exclusion and for 2023 that amount is going to be 12 million 920 000 right now I think its 12 million sixty thousan