[Topspinmo]

Originally Posted by OrangeBlossomBaby

I stand partially corrected. Connecticut (the state I'm from) has gift tax combined with estate taxes. There are also gift taxes paid by the person giving the gift to someone else, and it exists to prevent people from avoiding paying taxes on their own income. Wealthy people have to submit a form to the IRS when they gift anyone over $18,000 (per recipient per year), and there's a lifetime maximum they can give. It seems pretty complicated, but if you're that wealthy that you can afford to do all that stuff, you probably have an accountant to handle it and/or explain how it all works.

It’s only complicated for us peons who don’t have army of tax lawyers using the loopholes for rich so they can use deductions specially enacted for them.