Submitted by deadeadeadeadea t3_zzf3um in personalfinance
t-poke t1_j2b881e wrote
Reply to comment by Deezy1414 in Is a gifted check trackable? by deadeadeadeadea
Sigh, this oft-repeated myth rears it’s ugly head again…
You can gift something like 12 million dollars tax free in your life.
Any gift exceeding $16,000 in a year has to be reported to the IRS on the gift giver’s tax return but they will not be taxed on it. They just want to know about it.
The recipient never has to report anything.
Viewing a single comment thread. View all comments