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
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Replying to @fortelabs
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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Replying to @vgr
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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Replying to @fortelabs
what's the cost? there's paperwork, but no tax cost if you do it right
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Replying to @vgr
But the potential for both I mean. I.E. it enters the financial picture at all
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Replying to @fortelabs
hmm... wait I think it's more complex... the 15k doesn't count towards the limit, so you can dribble out as much as you want in 15k doses to N people. Not sure about the lifetime thing... you may be right, it may be across all giftees.
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Replying to @vgr
Yes I think that's right. But if you go $1 over the $15k then the whole thing counts against the total limit I'm told. So you have to track it carefully
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I think that's incorrect... only the $1 counts against lifetime limit. Better double check if you're doing something with this this year
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