It’s a nice thing to be able to give someone you love a gift, especially when that gift can help ensure their security, wellbeing, and even happiness. But you have to be careful when giving gifts—either cash or property.
The annual gift tax exclusion is $16,000 per recipient in 2022, or—if you and a spouse are making the gift jointly—$32,000 per recipient. If you want to give gifts in excess of those amounts, you need to be strategic about your approach so that you can maximize the gift while minimizing the tax liability.
Here are a few tips that can help you do just that: