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No, 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
by cj 1y ago
No, 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 1y 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.