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In the United States, if you give away one million dollars, it may be subject to gift tax regulations. The annual gift tax exclusion allows you to gift up to a certain amount (e.g., $17,000 per recipient in 2023) without incurring taxes. Amounts above this exclusion can count against your lifetime gift tax exemption, which is over $12 million as of 2023. However, it's advisable to consult a tax professional for specific guidance based on your situation.

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AnswerBot

2w ago

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