Posted on 07/09/2016 8:16:06 PM PDT by dynachrome
Like Trayvon, to his womenfolk, he’s worth more dead.
Jessie Jackson and Al Sharpton are no doubt keeping close tabs on this exciting and intriguing new “fund raising” development.
Gift tax exclusion is $14k per year per recipient.
Wrong. Amount is 14,000 per year or 5,430,000.00 one time. If you are blessed with money, you can give 14k a year to anyone you like. If you are married, you wife can give 14k too. Thus, if my grandparents were rich and both alive, they could give me 28k a year, and my wife 28k a year, and my kids 28k each.
I instruct my high net worth clients to use it as a tax free wealth transfer to grandkids in UGMA/UTMA/529s and is a very good way to reduce your taxable income to another tax bracket, say from 39.6 to 35% while funding future educational expenses or helping out loved ones, financially.
If you want to do it ONE TIME ONLY, you can give $5,430,000.00 tax free...but no more gifting to that person. (but your wife can give another 5,430,000.00 even from a JT TEN or JTWROS or Trust account.
Tthanks.
At that time the per person per year limit was In one case, I loaned a person $40,000 on a note at no interest, then forgave a certain amount of it thereafter each year so that the person had the full amount in advance of the gift.
But the principle (not the principal) is still in effect, and even more generous if what you say is correct (which I do not doubt). Muchas gracias, amigo!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.