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.
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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 🤣


