2 ms·
It’s classified as a gift, like a charitable donation possibly.
by duxup 2y ago
It’s classified as a gift, like a charitable donation possibly.
- cj 2y agoNo, when you gift anything over $19,000 (I think) you need to file a "gift tax return", and the IRS taxes the gift accordingly. Almost certainly not classified as a charitable donation.
- yojo 2y agoMinor note: the overage from $19k isn’t auto-taxed, it is just recorded and counts against your $14M-ish lifetime gift tax exemption (also relevant for estate tax). In this case, he obviously blows past that limit quickly.