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 @fortelabs
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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Replying to @bhudgeons @fortelabs
How dare you. I Google sketchy advice sites
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Replying to @vgr @fortelabs
there’s no way you actually read this somewhere
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Yeah I was wrong about the 11m per giftee... it’s total. That was a misunderstanding
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