Can I give away more than $10,000 to an individual in a year? If so what happens?

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Tax Law - Gift Tax Law - General Gift Tax Law Questions
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Can I give away more than $12,000 to an individual in a year? If so what happens?

If you gift over $12,000 to someone other than your spouse, you still may not have to pay federal Gift Tax because part of the unified credit can be used to avoid Gift Tax consequences. The annual Gift Tax exclusion is indexed annually, which means that you can gift larger amounts in your life without Gift Tax concerns.
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