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Joined: 11/07/2020 Posts: 347
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What's this?

Not taxed...just eats into the huge estate tax exemption. Plus doubt many

file a gift tax return.

(In response to this post by vt90)

Posted: 07/15/2021 at 11:16AM

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Current Thread:

Tax peeps - general tax question that has never made sense to me ... -- vt90 07/15/2021 10:17AM

Unless she's going to die worth in excess of 11 million bucks, she won't -- Hokie CPA 07/15/2021 12:52PM

$11M is the number? -- EDGEMAN 07/15/2021 1:02PM

It was 11 million a couple of years ago... -- Hokie CPA 07/15/2021 1:04PM

It's $11.7 million for 2021. ** -- Hokie CPA 07/15/2021 1:06PM

As you know though, it is a constantly moving target. -- vthokieq 07/15/2021 1:18PM

Yep, got to beware! Could even go retroactive. I was going to make a snarky -- DonHo-kieHi 07/15/2021 1:30PM

Good to know! Thanks! -- EDGEMAN 07/15/2021 1:17PM

If over 15k to each kid she just hasto file a gift tax return. The gift -- psychobilly 07/15/2021 11:51AM

For a $15k tax free gift, I’ll provide your answer! 😏 ** -- Hokebury 07/15/2021 11:40AM

P.s only difference between gift and inheritance is step up on any -- Hokiehouse7 07/15/2021 11:19AM

Not taxed...just eats into the huge estate tax exemption. Plus doubt many -- Hokiehouse7 07/15/2021 11:16AM

SHUN ** -- darnellm 07/15/2021 11:14AM

…the government do take a bite -- chumley 07/15/2021 11:07AM

Say that reminds me, how’d you get that kid so darn fast? ** -- TexasGobbler 07/15/2021 1:22PM

If she has already paid the taxes on the money that year... -- EDGEMAN 07/15/2021 10:42AM

You sure don't want it to sound like a payment for services -- Tafkam Hokie 07/15/2021 10:49AM

Yup ** -- vthokieq 07/15/2021 10:52AM

Don't think that's correct. -- vthokieq 07/15/2021 10:39AM

Yeah, that's how it was explained to us by a financial guy. ** -- reestuart 07/15/2021 10:59AM

My understanding as well. -- Guy LeDouche 07/15/2021 10:45AM

If you're married and both parents are alive and rich, they can each give -- Hokie CPA 07/15/2021 12:58PM

And then they can do it again next year. -- Hokie CPA 07/15/2021 1:11PM

Why you... -- Riverguy 07/15/2021 11:13AM

Duffel bags of cash transfer pretty easily. ** -- hoosnowahokie 07/15/2021 10:37AM

She could give that each year ** -- bigbadbird 07/15/2021 10:36AM

The amount given over 15K reduces the unified credit of the giver. ** -- Cosmo 07/15/2021 10:27AM

Yes -- FfxStationHokie 07/15/2021 10:25AM

Gifts over 15K are not "taxed". ** -- Cosmo 07/15/2021 10:24AM