Gift Tax

[DoWhat]

Ridiculous.
If I earned the money and paid taxes on it I should be able to give it to whoever I want too.

An inheritance should be the same way.

 

[DoWhat]

Does not really explain it very well.
Reading other links (not official IRS) the gift amount accumulates to the lifetime amount.

Frequently Asked Questions on Gift Taxes | Internal Revenue Service

Find common questions and answers about gift taxes, including what is considered a gift, which gifts are taxable and which are not and who pays the gift tax.

www.irs.gov

 

[RoseRed]

My bad. I thought was about the potato gift tax.

 

[black dog]

Ridiculous.
If I earned the money and paid taxes on it I should be able to give it to whoever I want too.

An inheritance should be the same way.

You can gift someone up to $15,000 a year tax free.

 

[Kyle]

You can gift someone up to $15,000 a year tax free.

If memory serves, there’s also a clause where you can give more than that and mark it off against your future estate.

 

[DoWhat]

You can gift someone up to $15,000 a year tax free.

$17,000 for 2023, increases to $18,000 in 2024.

 

[black dog]

If memory serves, there’s also a clause where you can give more than that and mark it off against your future estate.

That I don't know.