Gifting a Car to a Family Member

gifting a car to a family member

Gifting a car to a family member can be a generous and thoughtful gesture, expressing love, support, or a simple desire to make their life easier. However, it’s important to consider both the financial and legal implications of such a gift to ensure a smooth and hassle-free process. Before proceeding, it’s crucial to research the … Read more

Annual Gifting Limit 2023: Understanding the Rules

annual gifting limit 2023

The annual gifting limit refers to the maximum amount of money or property that an individual can give to another person without incurring a gift tax. This limit is set by the Internal Revenue Service (IRS) and is adjusted periodically to account for inflation. The annual gifting limit for 2023 is $17,000 per person. The … Read more