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re: WWYD if you were handed 50k
Posted on 2/14/24 at 1:26 pm to real turf fan
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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