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04-19-2022, 08:30 AM
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Sage
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Join Date: Feb 2013
Location: The Villages and the Northern Neck on the Chesapeake Bay, VA.
Posts: 6,300
Thanks: 1,709
Thanked 3,564 Times in 1,599 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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That $6 million won't be worth that the way inflation is going.
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