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Simple English definitions for legal terms

annual exclusion amount

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A quick definition of annual exclusion amount:

The annual exclusion amount is the maximum amount of money that one person can give to another person as a gift without having to pay a gift tax or affecting their unified credit. This gift can be in the form of cash or other assets.

A more thorough explanation:

The Annual Exclusion amount is the maximum amount of money that one person can give to another person as a gift without having to pay a gift tax or affecting the unified credit. This amount is adjusted for inflation and is currently set at $15,000 per year per recipient.

For example, if you give your friend $10,000 as a gift in one year, you will not have to pay a gift tax on that amount because it is below the annual exclusion amount. However, if you give your friend $20,000 as a gift in one year, you will have to pay a gift tax on the $5,000 that exceeds the annual exclusion amount.

The annual exclusion amount applies to each recipient, so you can give $15,000 to as many people as you want without having to pay a gift tax. For instance, if you have three children, you can give each of them $15,000 per year without incurring a gift tax.

The annual exclusion amount is an important tool for estate planning and can help you transfer wealth to your loved ones without incurring unnecessary taxes.

animal testing | annual exclusion gift

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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