[Bolded due to apparent general obscurity of the following ...]
There's MUCH more to this situation than most people seem to realize.
There is a second exemption that is also always in play. It's called "lifetime (estate and) gift tax exemption". Short version (from Charles Schwab) is:
"The IRS allows a lifetime tax exemption on gifts and estates, up to a certain limit, which is adjusted yearly to keep pace with inflation. For 2021, an individual's combined lifetime exemption from federal gift or estate taxes is $11.7 million. If married, the joint exemption is $23.4 million."
We sat and drank with the sun on our shoulders and felt like free men. Hell, we could have been tarring the roof of one of our own houses. We were the lords of all creation. As for Andy - he spent that break hunkered in the shade, a strange little smile on his face, watching us drink his beer.
The current limit is $15,000 (not 14k).
=)
[Bolded due to apparent general obscurity of the following ...]
There's MUCH more to this situation than most people seem to realize.
There is a second exemption that is also always in play. It's called "lifetime (estate and) gift tax exemption". Short version (from Charles Schwab) is:
"The IRS allows a lifetime tax exemption on gifts and estates, up to a certain limit, which is adjusted yearly to keep pace with inflation. For 2021, an individual's combined lifetime exemption from federal gift or estate taxes is $11.7 million. If married, the joint exemption is $23.4 million."
That's it in a nutshell. HTH. 😊🤗
We sat and drank with the sun on our shoulders and felt like free men. Hell, we could have been tarring the roof of one of our own houses. We were the lords of all creation. As for Andy - he spent that break hunkered in the shade, a strange little smile on his face, watching us drink his beer.
Same movie and lines running through my head as I read that response.
Date on receipt 2018.