What is excluded from taxable gifts?

Category : Taxable and Nontaxable Gifts
Posted On : 8th Feb 2025

Gift tax is not applicable to the following supports:

  • Supporting dependent families by transferring wealth.
  • The cost of my son's law school tuition.
  • The payment for medical bills for a friend in 2024 is $18,000.
  • The unlimited marital deduction makes gifts to your spouse usually exempt from gift tax.
  • Gifts to qualifying charitable organizations are not subject to gift tax.
  • Contributions made to political organizations for their use are also not allowed.
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