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What would that even look like? Gift taxes are paid by the giver not the recipient. Currently you don't even have to report it if it's less than $18,000 per yea
by wang_li 2y ago
What would that even look like? Gift taxes are paid by the giver not the recipient. Currently you don't even have to report it if it's less than $18,000 per year per recipient. If you give less than $13 million in your lifetime you don't have to pay any gift taxes anyway.
I have a feeling that most people probably don't give $18,000 to their churches annually. At a 10% tithe rate, that's $180,000. Wel above the median household income.
- bombcar 2y agoDonations to correctly setup churches (and some but not all non-profits) can be tax deductible from income.
- loco5niner 2y agoFor me that's only true if I itemize. With the standard deduction being $29,200 for me this year, that's a tall hurdle. And at that, the only benefit is any amount over the standard deduction.