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Do You Need to File Gift Tax Returns? Avoid These Common Mistakes

By Individual Tax, Insights, Tax Planning & Consulting, Trusts & Estate Planning

For 2022, the lifetime gift and estate tax exemption has reached a whopping $12.06 million ($24.12 million for married couples). As a result, few people will be subject to federal gift taxes. If your wealth is well within the exemption amount, does that mean there is no need to file gift tax returns? Not necessarily.

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