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re: WWYD if you were handed 50k
Posted on 2/14/24 at 12:44 pm to baw2002
Posted on 2/14/24 at 12:44 pm to baw2002
That's over the amount that would kick in the gift tax to the IRS.
Find out what the amount is this year and ask to receive that much this year and the same next year and the following year so your giver won't have to pay a tax.
That would so impress your giver that he might write you into his will.
Find out what the amount is this year and ask to receive that much this year and the same next year and the following year so your giver won't have to pay a tax.
That would so impress your giver that he might write you into his will.
1
Posted on 2/14/24 at 1:26 pm to real turf fan
quote:
That's over the amount that would kick in the gift tax to the IRS.
Wrong!
1st its not taxable for the recipient. Second, the giver just has to fill out an IRS form to report the gift which reduces their lifetime gift limit of $13.61 million. Gift tax is only an issue for the extremely wealthy and they typically have pros in their corner the tax optimize it shouldn't be a surprise to anyone.
"The 2024 gift tax limit is $18,000. For married couples, the limit is $18,000 each, for a total of $36,000. Gifting more than this sum means you must file a federal gift tax return in 2025. The 2024 lifetime gift limit is $13.61 million."
nerdwallet
This post was edited on 2/14/24 at 1:27 pm
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