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04-05-2022, 06:34 PM
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Sage
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Join Date: Jan 2009
Posts: 3,218
Thanks: 5,241
Thanked 2,581 Times in 928 Posts
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Quote:
Originally Posted by retiredguy123
That is a law that is often misunderstood. Actually, you can give any individual up to $16,000 each every year with no tax consequences. But, even if you exceed that amount, as long as your entire estate does not exceed $12.06 million, you will owe no taxes. If you exceed the $16,000 annual limit in a single year, you just need to file a gift tax form, but you will owe no taxes until you exceed the lifetime $12.06 million amount. Note that the $12.06 million lifetime limit is scheduled to decrease to $6 million in 2026.
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I'm screwed if I make till 2026. Calling the kids tonight giving them the bad news.
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