this post was submitted on 30 Oct 2024
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InsanePeopleFacebook

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[–] lemmyman@lemmy.world 13 points 2 weeks ago (1 children)

The funny thing is, the gift wouldn't be taxed anyway. It's certainly valued less than the multi-million-dollar federal lifetime gift tax exemption (and no state has an exemption under 1 million, either)

[–] Brosplosion@lemm.ee 3 points 2 weeks ago (1 children)

There's a yearly limit for gifts at $18k in 2024.

[–] lemmyman@lemmy.world 3 points 2 weeks ago

True, but anything over that just counts toward estate tax, which has the aforementioned exemptions.