Conversation

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
9
31
Replying to
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.
3
7
Replying to and
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
2
7