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Started By
Message
Gift Tax Exemption
Posted on 12/23/22 at 8:46 pm
Posted on 12/23/22 at 8:46 pm
"For 2022, the annual gift tax exemption is $16,000, up from $15,000 in 2021. This means you can give up to $16,000 to as many people as you want in 2022 without any of it being subject to the federal gift tax."
Dear OT Ballers,
I volunteer to be a recipient of this.
Merry Christmas!
PS I'll suck your dick for $16,000. Private message contact info.
Dear OT Ballers,
I volunteer to be a recipient of this.
Merry Christmas!
PS I'll suck your dick for $16,000. Private message contact info.
8
Posted on 12/23/22 at 8:47 pm to Langland
quote:
PS I'll suck your dick for $16,000. Private message contact info.
Roll Tide!
Posted on 12/23/22 at 8:59 pm to Langland
I bet some rich folks give their kids way more than $16k in a year and never pay any gift tax
This post was edited on 12/23/22 at 9:00 pm
Posted on 12/23/22 at 9:01 pm to East Coast Band
quote:
I bet some rich folks give their kids way more than $16k in a year and never pay any gift tax
I am sure the 10% for the "big guy" was a lot more than $16k
Posted on 12/23/22 at 9:02 pm to East Coast Band
quote:
I bet some rich folks give their kids way more than $16k in a year and never pay any gift tax
Probably. They have a 12.06 million lifetime exemption. Going up to 12.9 next year.
Posted on 12/23/22 at 9:04 pm to Langland
If married both spouse can give it
Posted on 12/23/22 at 9:17 pm to Langland
The giver of the gift is still subject to any federal income taxes. If I made $100k and gave you a gift of $16k, I still owe tax on income of $100k. If I paid you $16k as a temporary employee with a 1099, then I would be taxed at $84k and you would pay the tax on $16k.
Posted on 12/23/22 at 9:29 pm to Langland
Will you wear your A&M Yell Leader costume while you're sucking c*ck?
Posted on 12/23/22 at 9:31 pm to Langland
quote:
I'll suck your dick for $16,000. Private message contact info.
Damn, I was looking for someone to give $16,000, but I don't have a dick. Maybe next time ...
Posted on 12/23/22 at 9:38 pm to GreenRockTiger
quote:
but I don't have a dick. Maybe next time ...
What happened baw?
Posted on 12/23/22 at 9:49 pm to OysterPoBoy
quote:
What happened baw?
He transitioned.
Posted on 12/23/22 at 9:53 pm to OysterPoBoy
quote:
What happened baw?
um, I've never been a "baw"
Posted on 12/23/22 at 10:04 pm to Langland
quote:
I'll suck your dick for $16,000
Can you give me about $20 worth?
Posted on 12/23/22 at 10:14 pm to GreenRockTiger
quote:
Damn, I was looking for someone to give $16,000, but I don't have a dick.
I'll give you one. PM me.
Posted on 12/23/22 at 10:18 pm to MMauler
quote:
Will you wear your A&M Yell Leader costume while you're sucking c*ck?
Yes.
Posted on 12/23/22 at 10:42 pm to East Coast Band
quote:
I bet some rich folks give their kids way more than $16k in a year and never pay any gift tax
If they’re smart or have an attorney worth a flying frick they do…it’s nearly $13 million now
Posted on 12/23/22 at 11:00 pm to JumpingTheShark
Yep. 12.92 in 2023. Almost 26 million for a married couple. It should be more. Insane that gifting or dying is a taxable event. Steinbrenner did his family a solid dying when he did. No estate tax that year.
Posted on 12/24/22 at 12:31 am to Langland
quote:
I'll suck your dick for $16,000
If you get audited, that’s probably going to be difficult to classify as an exchange of gifts
Posted on 12/24/22 at 12:38 am to East Coast Band
quote:
I bet some rich folks give their kids way more than $16k in a year and never pay any gift tax
The smartest and richest with plans for legacy money will usually:
1) give a loan and draw up paperwork. The amount of interest that has to be charged on a loan between family members is regulated. You make it in such the amount that the gift of (now) $16-32K covers the interest and then gift them that annually.
2) gift the full estate exemption today, because you can still give the Gift amount annually, and the kid will be far better off if the amount today grows in their estate than in the gifter’s estate. This can be done in a dynastic trust that is revokable. And there is risk (and actual buzz on Capitol Hill recently) about lowering the Estate exemption amount.
But yes- you can give your kid $200,000 (or any other >$16,000 per gifter amount) a year but it isn’t taxable until the Estate exemption gets eaten up. But if you plan on having an estate tax problem at current levels, eating some/all of the exemption today is generally advisable, if that’s the route you want to go with your money.
Posted on 12/24/22 at 3:52 am to Hopeful Doc
quote:
This can be done in a dynastic trust that is revokable.
If the trust is revocable and the grantor has any right to the funds, it is not a completed gift and will not be outside of the estate. Any incidence of ownership pulls the gift back In.
quote:
But yes- you can give your kid $200,000 (or any other >$16,000 per gifter amount)
There is no provision that allows you to give more to your kids than any other beneficiary. Annual exemption and lifetime exemption are it. Perhaps you are thinking of the 529 gift exemption?
This post was edited on 12/24/22 at 3:54 am
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