“how is gifting considered “avoiding taxes”?”
It is legally circumventing estate taxes.
“how is gifting considered “avoiding taxes”?”
“It is legally circumventing estate taxes.”
I guessing the point is that, the Obamas are strong supporters of dramatically increasing the estate tax, so for them to circumvent it in any way could be construed as hypocritical.
since, he is not dead, there are no estate taxes.
And this would be a non-reportable event, why is it on his 1040? If he filed a gift tax return 706, it would be on there. This is poor journalism.
But what else is new.