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Joined: Dec 2005
Posts: 4,165
Campfire Tracker
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Campfire Tracker
Joined: Dec 2005
Posts: 4,165 |
There is an annual exclusion, and a lifetime exemption. Reporting of the lifetime exemption is done on a 709.
Two different things, somewhat linked, as exceeding the annual exclusion requires reporting an update to the 709. It follows for a lifetime.
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Joined: Oct 2021
Posts: 10,676
Campfire Outfitter
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Campfire Outfitter
Joined: Oct 2021
Posts: 10,676 |
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.
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Joined: Dec 2022
Posts: 37,740
Campfire 'Bwana
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Campfire 'Bwana
Joined: Dec 2022
Posts: 37,740 |
Fidelity Contrafund
FCNKX:NASDAQ
Quote | Exchange | USD
Last | 02/02/23 EST
13.44
quote price arrow up+0.31 (+2.36%)
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Joined: Dec 2019
Posts: 1,309
Campfire Regular
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Campfire Regular
Joined: Dec 2019
Posts: 1,309 |
I'm investing in my kids - their houses. Cut out the mortgage guys. They pay me back monthly. If we don't need it in the meantime, it's their forced savings account when we croak. Wish I had bought Exxon/Mobil when Blackrock was driving them out of the oil business. That paid off splendidly for someone I know. You can bet on Reality long term and the dollar going down. That's all I know, with no idea how to exploit it. Real Estate is a cash cow - in the Tax Collector's barn. At least it's tangible in limited supply.
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Joined: Dec 2013
Posts: 23,685
Campfire Ranger
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Campfire Ranger
Joined: Dec 2013
Posts: 23,685 |
I'm investing in my kids - their houses. Cut out the mortgage guys. They pay me back monthly. If we don't need it in the meantime, it's their forced savings account when we croak. Wish I had bought Exxon/Mobil when Blackrock was driving them out of the oil business. That paid off splendidly for someone I know. You can bet on Reality long term and the dollar going down. That's all I know, with no idea how to exploit it. Real Estate is a cash cow - in the Tax Collector's barn. At least it's tangible in limited supply. Same here, if you have a piece of land You can always take a piss or plant a potato on it.
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Joined: May 2004
Posts: 5,182
Campfire Tracker
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Campfire Tracker
Joined: May 2004
Posts: 5,182 |
I bought Advanced Auto Parts today , does that count ? Only $3,000 though.
But the fruits of the spirit is love, joy, peace, patience, kindness, goodness,faithfulness, Gentleness and self control. Against such things there is no law. Galations 5: 22&23
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Joined: Dec 2019
Posts: 2,957
Campfire Regular
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Campfire Regular
Joined: Dec 2019
Posts: 2,957 |
I'm investing in my kids - their houses. Cut out the mortgage guys. They pay me back monthly. If we don't need it in the meantime, it's their forced savings account when we croak. Wish I had bought Exxon/Mobil when Blackrock was driving them out of the oil business. That paid off splendidly for someone I know. You can bet on Reality long term and the dollar going down. That's all I know, with no idea how to exploit it. Real Estate is a cash cow - in the Tax Collector's barn. At least it's tangible in limited supply. I’ve never not done well on a real estate purchase. Some luck, I’m sure, that I’ve not bought at the peaks. I’d never want my kids owing me money. Seems like it would change the dynamic. I’d always want the kids to be free to tell me off. Not saying wouldn’t work for others, though.
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