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re: One time gifts person to person and tax deduction (updated)
Posted on 6/10/16 at 8:40 pm to Bleeding purple
Posted on 6/10/16 at 8:40 pm to Bleeding purple
Like they said you don't get a deduction. I think the only reason it makes sense to do large gifts is if you are loaded and older...you have to withdraw your IRA's... but don't want to have huge estate tax when you die... Then start gifting family members yearly to liquidate some without govt stealing it from you
This post was edited on 6/10/16 at 8:41 pm
1
Posted on 6/10/16 at 8:48 pm to DaBeerz
As said its $14,000 per person to any person. So if you are married and your kid is married its possible to gift $14k x4 per year, but if you are single and want to gift to a single person it is $14k.
The more important question is what are you trying to do? I would state that first because there may be other options.
The more important question is what are you trying to do? I would state that first because there may be other options.
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