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Save Gift Affidavit

Save Gift Affidavit

Aug 6th, 2022

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How to Save Gift Affidavit

4.7 out of 5

34 votes

Using the annual gift limit allows for tax-free wealth transfer to friends and family; however, many fear exceeding this limit may result in taxes owed by the gifter. In this tutorial, viewers will learn that the gift limit might not be as restrictive as often thought. Certain exemptions enable individuals to gift significantly more than the limit without incurring taxes. The IRS defines a gift as any transfer to an individual, either directly or indirectly, where no consideration is received in return. This includes cash or assets transferred without expecting anything back. The video aims to clarify these concepts and offer practical guidance on gifting strategies.

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