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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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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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.
The 15k gift limit is fairly well known...how it ties to inheretence limits is much less so.
In any case, kudos.
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Beneath the unworldly blogger exterior I’m a bureaucracy-arbitraging evil life hacker 🤣
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