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Not that it would probably ever apply to me, but I'm curious if that's per "individual gift giver - giver receiver" pair? Or is it the case that it's solely pe
by adanto6840 9y ago
Not that it would probably ever apply to me, but I'm curious if that's per "individual gift giver - giver receiver" pair? Or is it the case that it's solely per individual gift _giver_? As in, would receiving a $500 gift from Bill Gates (who presumably has met the $5MM lifetime threshold) be fully taxable? Just random Sunday curiousness. :)
- gxs 9y agoIndividual gift giver. So lifetime max per person! Not too shabby.
- purple-again 9y agoLifetime max $5,000,000. Yearly max changes but hovers around $15k per person (wife and husband diffrent people!) and doesn’t touch yearly max.
- deleted 9y ago[deleted]
- isostatic 9y agoWould have to be per giver, otherwise it would be trivial to avoid (want Dave to get another $1m, either give $2m and have the taxes taken, or give $1.1m to Joe Bloggs, who gives $1m to Dave and keeps the rest.
- deleted 9y ago[deleted]
- mindslight 9y agoFor what GP is talking about, it's per giver. It's a combined gift/estate tax, with the goal of preventing someone from giving to escape their eventual estate tax burden. But that isn't really relevant for the average person - gifts below the annual exclusion amount (something like $14k) are exempt from reporting/recording/tallying at your death. And this does apply per each pair of people per year, so in your scenario BG would have nothing to report.