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Key takeaways
- Understand the basics of what you can give In 2024, each person may gift up to $18,000 each year to any individual.
- Consider the potential impact of capital gains taxes Next, think of the income and capital gains tax consequences for the beneficiary of the gift.
- Learn about the different types of trusts
- Focused on education?
- Consider a donor-advised fund for charitable contributions
www.fidelity.com/learning-center/personal-finance/charitable-giving/giving-money- People also ask
WebFeb 28, 2024 · Understand the basics of what you can give. In 2024, each person may gift up to $18,000 each year to any individual. Any amount beyond that will involve using part of your lifetime federal gift tax exclusion, which is $13.61 million per person in 2024.
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