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Tax Experts, Gift Tax?
#14239289
01/04/22 07:28 PM
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Joined: May 2002
Posts: 82,634
Bob Davis
OP
Bunkeroid Bob
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OP
Bunkeroid Bob
Joined: May 2002
Posts: 82,634 |
Am I understanding that if you make money during a year and you decide to GIVE your children or anyone else a GIFT of money or property, that you can only give up to $16K. If you give more than that YOU have to pay a GIFT TAX. Is it not just beyond belief that the IRS will tax you on any gift over that amount. So you pay taxes on your income and then if you want to give it away, you have to pay taxes on it again. Unfreakin believable. https://smartasset.com/retirement/gift-tax-limits
Foxtrot Juliet Bravo
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Re: Tax Experts, Gift Tax?
[Re: Bob Davis]
#14239297
01/04/22 07:31 PM
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Joined: Sep 2016
Posts: 9,438
Floon Swenson
TFF Celebrity
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TFF Celebrity
Joined: Sep 2016
Posts: 9,438 |
Am I understanding that if you make money during a year and you decide to GIVE your children or anyone else a GIFT of money or property, that you can only give up to $16K. If you give more than that YOU have to pay a GIFT TAX. Is it not just beyond belief that the IRS will tax you on any gift over that amount. So you pay taxes on your income and then if you want to give it away, you have to pay taxes on it again. Unfreakin believable. https://smartasset.com/retirement/gift-tax-limitsYou can double that if your wife also gives the limit.
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Re: Tax Experts, Gift Tax?
[Re: Bob Davis]
#14239304
01/04/22 07:37 PM
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Joined: Dec 2011
Posts: 8,966
H.Town_paddler
TFF Celebrity
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TFF Celebrity
Joined: Dec 2011
Posts: 8,966 |
I think the first 12MM or so that you “gift” is exempt.
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Re: Tax Experts, Gift Tax?
[Re: Bob Davis]
#14239306
01/04/22 07:40 PM
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Joined: Oct 2001
Posts: 15,303
Mo
TFF Guru
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TFF Guru
Joined: Oct 2001
Posts: 15,303 |
Keep reading on that link,
"So let’s say that in 2021 you gift $216,000 to your friend. This gift is $200,000 over the annual gift exclusion. That means you will need to report it to the IRS. However, you won’t immediately have to pay tax on that gift. Instead, the IRS deducts that $200,000 from your lifetime gift tax exemption. Assuming you have never made any other gifts over the annual exemption, your remaining lifetime exemption is now $11.86 million ($12.06 million minus $200,000). "
over 16k you have to report , not pay taxes,
MO
MY BACKYARD , 20,000 ACRES , NO MOWING
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Re: Tax Experts, Gift Tax?
[Re: H.Town_paddler]
#14239307
01/04/22 07:40 PM
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Joined: Sep 2016
Posts: 9,438
Floon Swenson
TFF Celebrity
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TFF Celebrity
Joined: Sep 2016
Posts: 9,438 |
I think the first 12MM or so that you “gift” is exempt. That's a lifetime total exemption. You get maxxed out at $16k (for 2022) per recipient per year.
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Re: Tax Experts, Gift Tax?
[Re: Floon Swenson]
#14239312
01/04/22 07:46 PM
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Joined: May 2002
Posts: 82,634
Bob Davis
OP
Bunkeroid Bob
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OP
Bunkeroid Bob
Joined: May 2002
Posts: 82,634 |
Am I understanding that if you make money during a year and you decide to GIVE your children or anyone else a GIFT of money or property, that you can only give up to $16K. If you give more than that YOU have to pay a GIFT TAX. Is it not just beyond belief that the IRS will tax you on any gift over that amount. So you pay taxes on your income and then if you want to give it away, you have to pay taxes on it again. Unfreakin believable. https://smartasset.com/retirement/gift-tax-limitsYou can double that if your wife also gives the limit. Yes, thank you. I just read that.
Foxtrot Juliet Bravo
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Re: Tax Experts, Gift Tax?
[Re: Mo]
#14239313
01/04/22 07:47 PM
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Joined: Dec 2004
Posts: 4,946
joebass2
TFF Team Angler
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TFF Team Angler
Joined: Dec 2004
Posts: 4,946 |
Keep reading on that link,
"So let’s say that in 2021 you gift $216,000 to your friend. This gift is $200,000 over the annual gift exclusion. That means you will need to report it to the IRS. However, you won’t immediately have to pay tax on that gift. Instead, the IRS deducts that $200,000 from your lifetime gift tax exemption. Assuming you have never made any other gifts over the annual exemption, your remaining lifetime exemption is now $11.86 million ($12.06 million minus $200,000). "
over 16k you have to report , not pay taxes,
MO This
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Re: Tax Experts, Gift Tax?
[Re: Bob Davis]
#14239314
01/04/22 07:47 PM
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Joined: Jun 2021
Posts: 8,885
YEE_YEE
TFF Celebrity
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TFF Celebrity
Joined: Jun 2021
Posts: 8,885 |
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Re: Tax Experts, Gift Tax?
[Re: Bob Davis]
#14239319
01/04/22 07:51 PM
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Joined: Sep 2016
Posts: 9,438
Floon Swenson
TFF Celebrity
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TFF Celebrity
Joined: Sep 2016
Posts: 9,438 |
Am I understanding that if you make money during a year and you decide to GIVE your children or anyone else a GIFT of money or property, that you can only give up to $16K. If you give more than that YOU have to pay a GIFT TAX. Is it not just beyond belief that the IRS will tax you on any gift over that amount. So you pay taxes on your income and then if you want to give it away, you have to pay taxes on it again. Unfreakin believable. https://smartasset.com/retirement/gift-tax-limitsYou can double that if your wife also gives the limit. Yes, thank you. I just read that. Like was mentioned above, just because you go over doesn't necessarily mean you'll be writing any checks to the IRS, but you'll have to file a gift tax return if you go over. You and your wife can also double that amount if the child you are giving to is married by maxing out the gift to each of them, so $64k in a year while still staying under the limit and avoiding having to file a form 709.
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Re: Tax Experts, Gift Tax?
[Re: Mo]
#14239326
01/04/22 07:56 PM
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Joined: May 2002
Posts: 82,634
Bob Davis
OP
Bunkeroid Bob
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OP
Bunkeroid Bob
Joined: May 2002
Posts: 82,634 |
Keep reading on that link,
"So let’s say that in 2021 you gift $216,000 to your friend. This gift is $200,000 over the annual gift exclusion. That means you will need to report it to the IRS. However, you won’t immediately have to pay tax on that gift. Instead, the IRS deducts that $200,000 from your lifetime gift tax exemption. Assuming you have never made any other gifts over the annual exemption, your remaining lifetime exemption is now $11.86 million ($12.06 million minus $200,000). "
over 16k you have to report , not pay taxes,
MO Got it, Thanks MO!
Foxtrot Juliet Bravo
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Re: Tax Experts, Gift Tax?
[Re: Floon Swenson]
#14239330
01/04/22 08:03 PM
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Joined: May 2002
Posts: 82,634
Bob Davis
OP
Bunkeroid Bob
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OP
Bunkeroid Bob
Joined: May 2002
Posts: 82,634 |
Am I understanding that if you make money during a year and you decide to GIVE your children or anyone else a GIFT of money or property, that you can only give up to $16K. If you give more than that YOU have to pay a GIFT TAX. Is it not just beyond belief that the IRS will tax you on any gift over that amount. So you pay taxes on your income and then if you want to give it away, you have to pay taxes on it again. Unfreakin believable. https://smartasset.com/retirement/gift-tax-limitsYou can double that if your wife also gives the limit. Yes, thank you. I just read that. Like was mentioned above, just because you go over doesn't necessarily mean you'll be writing any checks to the IRS, but you'll have to file a gift tax return if you go over. You and your wife can also double that amount if the child you are giving to is married by maxing out the gift to each of them, so $64k in a year while still staying under the limit and avoiding having to file a form 709. Thanks again!
Foxtrot Juliet Bravo
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Re: Tax Experts, Gift Tax?
[Re: Bob Davis]
#14239332
01/04/22 08:06 PM
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Joined: Jul 2007
Posts: 50,892
Trickster
Super Freak
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Super Freak
Joined: Jul 2007
Posts: 50,892 |
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Re: Tax Experts, Gift Tax?
[Re: Bob Davis]
#14239405
01/04/22 09:14 PM
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Joined: Jul 2005
Posts: 10,968
MARKIT
TFF Guru
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TFF Guru
Joined: Jul 2005
Posts: 10,968 |
Send me 15k if you have extra laying around I won’t say a word
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Re: Tax Experts, Gift Tax?
[Re: Trickster]
#14239411
01/04/22 09:18 PM
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Joined: May 2002
Posts: 82,634
Bob Davis
OP
Bunkeroid Bob
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OP
Bunkeroid Bob
Joined: May 2002
Posts: 82,634 |
Well Ok then.
Foxtrot Juliet Bravo
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Re: Tax Experts, Gift Tax?
[Re: MARKIT]
#14239413
01/04/22 09:18 PM
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Joined: May 2002
Posts: 82,634
Bob Davis
OP
Bunkeroid Bob
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OP
Bunkeroid Bob
Joined: May 2002
Posts: 82,634 |
Send me 15k if you have extra laying around I won’t say a word The check is in the mail.
Foxtrot Juliet Bravo
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