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re: Kids Buying First Home
Posted on 10/5/23 at 3:52 pm to Sherman Klump
Posted on 10/5/23 at 3:52 pm to Sherman Klump
quote:I know we're talking Federal Tax, but in some instances there might be state nuances. E.g., estate vs inheritance tax.
Again, this is simply filing the form - there still would be no taxes owed by the giver as you are under the life time exemption, more than likely. So more of a tracking type form.
Let's say in this scenario, you gifted each individual $100,000. That's fine, fill out the form, and submit it. You, as the giver, would still not owe taxes so long as you have not already gifted them in excess of the lifetime exclusion of $13M.
Federal Tax is applied to the estate.
For 2023, you can give up to $17,000 to any number of people each year without having to file a gift tax return or paying gift taxes.
For individual gifts above $17,000, the giver must file a gift tax return. But, no tax is due until the lifetime exclusion is exceeded.
The total amount you can gift during life and/or leave at death exempted from tax (lifetime exclusion) is $12,920,000, $25,840,000 for couples. But the exclusion level gets cut in half in a couple of years unless Congress enacts different law.
For gifts exceeding the lifetime exclusion, the giver/estate is responsible for paying gift/estate tax at up to 40%.
This post was edited on 10/5/23 at 3:56 pm
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