There is a gift tax on property or cash you give away, but tax code provides a gift tax annual exclusion. This is an amount you can give to anyone, and as many people as you wish, with no tax and no use of your lifetime exemption. The exclusion amount has been $15,000 for several years but is going up to $16,000 January 1, 2022. If you are married, you and your spouse will be able to gift $32,000 per year….
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