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re: Inheritance Advice
Posted on 1/24/23 at 12:31 pm to LSUFanHouston
Posted on 1/24/23 at 12:31 pm to LSUFanHouston
Interesting, didn't think of it like this. By going with my original investment question, if I grew that $30k into $60k each and gave to the kids later in life, I'd be having to file my own gift tax form for $180k is what you're thinking?
Posted on 1/24/23 at 12:39 pm to EveryonesACoach
quote:
Interesting, didn't think of it like this. By going with my original investment question, if I grew that $30k into $60k each and gave to the kids later in life, I'd be having to file my own gift tax form for $180k is what you're thinking?
Yes.
Posted on 1/24/23 at 4:37 pm to EveryonesACoach
quote:
By going with my original investment question, if I grew that $30k into $60k each and gave to the kids later in life, I'd be having to file my own gift tax form for $180k is what you're thinking?
You'd have to file the gift form if you gave the entire $60k at one time. If you split it up over a few years and stayed below the annual limit then no need to file anything.
Also keep in mind, lets say you had the money in something like VTI. If you gift the actual shares, the cost basis goes along with the gift. So each kid would then pay capital gains whenever they sell. Or you could sell it first but then you'd pay the capital gains.
The alternative is to hold on to it and let your kids inherit instead. Then the investment (which hopefully has grown significantly more by then) would get a stepped up cost basis.
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