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What should I know about gift taxes?

Gift taxes are important to know because each person this year can gift any person up to $15,000 per year, per person without filing a gift tax return. However, each person has a unified lifetime gift exemption, and this year it’s $11.2 million per person. In 2026, the gift tax will be reverting back or sunsetting to $5.6 million, which may change depending upon our government.

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