What happens if I exceed the gift tax limit?
What happens if I exceed the gift tax limit? However, if you do exceed the annual gift tax exclusion, you'll have to pay taxes on the gift. Rates range anywhere from 18% to 40%. The amount by which you exceeded the annual gift tax exclusion will also be deducted from your lifetime gift tax exemption and your federal estate tax exemption. What happens if I gift more than 15000? If you give more than $15,000 in cash or assets (for example, stocks, land, a new car) in a year to any one person, you need to file a gift tax...