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Page 16 of 22 |
Can any gifts qualify for the gift tax exclusion? |
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| Gifts that are eligible for the annual $12,000 exclusion apply only to gifts of present interest, meaning that the receiver can enjoy and use the property, and income, now. Gifts of future interests -- meaning the receiver’s use of the property will not begin until some future date – do not qualify. Examples of future interests include reversions, remainders, and other similar interests. |
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