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Message
re: Kids Buying First Home
Posted on 10/10/23 at 5:54 am to PhiTiger1764
Posted on 10/10/23 at 5:54 am to PhiTiger1764
quote:
Not that this pertains to me at all unfortunately, but can someone just give a straight answer?
Is it $17,000 or $12.9M?
Let’s say he wanted to give $50k? All good or no?
The $17k is the threshold for reporting to the IRS so they can keep a running tally.
The $12.9 million is the threshold for when the donor has to start paying taxes.
Basically that keeps OT posters from dodging the estate tax by gifting everything to their kids.
This post was edited on 10/10/23 at 5:55 am
1
Posted on 10/10/23 at 9:00 am to Bestbank Tiger
quote:
Basically that keeps OT posters from dodging the estate tax by gifting everything to their kids.
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