3 ms·
If it's a gift, does that mean it goes towards your yearly gift tax limit?
by culi 3y ago
If it's a gift, does that mean it goes towards your yearly gift tax limit?
- pbjtime 3y agoYou can always give it a shot. Doubt they're going to audit your gifts unless they're in the multiple thousands and even so you have a logical case.
- dmoy 3y agoAlso note if you exceed the yearly gift tax limit you just file 709 and apply the excess to your lifetime estate limit, currently $12,000,000-ish. (Federal) gift tax isn't really a thing except for the exceedingly wealthy. Idk about all states