Someone Had A Good Idea...
(media.greatawakening.win)
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That $601 would be gift income each time and taxable!
You are allowed to give $12,500 per person each year without incurring gift taxes.
It is actually currently $15K per year and is projected to be $16K next year.
Its been a while since I looked into it. It had been steadily climbing.
It has....the reason I stay on top of it is because it is a strategy to pay for insurance premiums - example; rather than gift the $$ directly to the beneficiary(s) you gift to a trust that owns the policy. At death, beneficiary(s) receive proceeds income tax free. (Some states still have inheritance taxes.) Also, if you keep the gift under the exemption levels, you avoid Crummey letters.
Thank you, I didn't know the limit. But if they keep passing the $600 around they'll hit that soon enough!
BTW, isn't the proposed regulation accounts with more than $600 of transactions a year?
Ahh inflation... I thought it was 10K because of that roof scene in Shawshank 🐸