Understanding Gift and Estate Tax in the United States

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2025-05-09 08:29:42 -

Gift and estate tax in the United States refers to federal taxes imposed on the transfer of property either through gifting during a person’s lifetime or upon death. This tax system is designed to prevent large wealth transfers from escaping taxation. The IRS allows for annual gift exclusions and lifetime exemptions, but exceeding these limits may result in tax liabilities. Estate...

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