Under current tax laws,a person may give any other person up to $13,000 per year in cash or other assets and neither the giver nor receiver of these gifts has a tax liability for them.

Question

Quizplus · Accepted Answer

This statement is true according to the current tax laws in the United States. The annual exclusion for gifts is $13,000 per person as of 2021. Any gift amount that is within this limit is not taxable for both the giver and receiver of gifts.

Under Current Tax Laws,a Person May Give Any Other Person