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What types of gifts are subject to the gift tax?
Gift tax is a kind of transfer tax that may involve parties if it exceeds a specific amount (16000$ for an individual and 32000$ for a couple for the 2022 tax year). Gifts like free money or even a property that is exchanged for a value less than market value will be subjected to gift tax. However, there are some exclusions such as paying someone his or her medical or educational expenses directly to the institution, or the gifts for your spouse and political organization for its use.
