Google, Amazon, and Union Pacific.
And each parent can give each adult kid $17k each year without gift tax.
Unless your net worth is over 11 million dollars, there is no gift tax on any amount at this point
Are you sure about this? Are you talking an inheritance or just a gift?
Positive. Gift.
Do it ASAP as the Biteme administration will be changing the rules to butfugg the people soon
According to the IRS it’s $17,000 for 2023 to as many people as you want and same for your wife if filing jointly meaning you can give $34,000 to the same person, for example.
I’d like to know more about what you’re talking about and if there is an approved way to give unlimited without tax implications.
Check with your CPA or attorney
Unless your net worth exceeds 11 million, there is no gift tax to the giver and no tax to the receiver. A basis is established for property value at the time of giving so that any capital gains can be calculated if the property is sold.
I would think that applies if you’re gifting cash as well
That’s the way it was in 2022 at least. I know first hand
Many thanks and I’ll run the traps on that with my CPA pretty soon.
There surely have been anomalies and variations from stated regulations in the past like Baby Bush’s exemptions on Long Term Capital Gains back in 2008. That may still be in effect, not sure.
Then there was Trump’s move on RMD’s a few years ago during the Covid pandemic that allowed folks to not take their RMD without penalty or if they did take it, they were allowed to put the total amount back into their retirement accounts before a certain date, again without penalty.
Thanks again for your reply.
