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IIRC gifts aren’t taxable unless they exceed $14,000 in a year.
by alach11 4y ago
IIRC gifts aren’t taxable unless they exceed $14,000 in a year.
- dragonwriter 4y agoThere is both an annual (currently $17,000/recipient) and a lifetime (currently $12.92 million/donor) limit before the donor pays gift taxes.
- lotsofpulp 4y agoThe $17k per year is just a reporting limit. No taxes are owed until gifts exceed the lifetime amount, which is somewhere around $12M, or maybe $13M now as you write.
- smugma 4y agoDidn’t realize this, thanks! But I also like the IRS limits. It limits how much my family/in laws think I might be able to give them in a year :)