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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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18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
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