TIL that the IRS only allows you to "gift" $15k to any given person per year without paying taxes. So I guess giving away everything you own would be quite a taxable event
That's the reporting limit not the tax limit. You can actually give up to 2m over a lifetime. You just have to report it above 15k in a given year I believe.
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Yes I believe it's 11.58 million total over a lifetime now, so hardly a restriction. But still, who knew giving gifts could be expensive?
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what's the cost? there's paperwork, but no tax cost if you do it right
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sorry typo... lifetime exclusion is 11.2m not 2m. So excess over 15k gets reported, but not taxed while you're under the 11.2m lifetime limit for the specific giftee. I think you could give away everything without any tax in a single year, if you gave a bunch of people 11.2m each
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Oh I thought it was 11M for everyone, ever. If not then that's not much of a restriction
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Whoa, you researched bureaucratic minutia!?! Mind blown. Yeah, 15k is like a reporting-free safe harbor. You can give the lifetime tax-free max at any time. Was surprised to learn this when researching 529s. They fall under same laws.
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The 15k limit has come up in my finances a couple of times in the last few years. I’ve used it.
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