In the US
a stupid system
Average USAdministration blunder
Comment on Age, death, and inheritance.
snooggums@piefed.world 3 days agoIn the US, gifting it directly while living counts as taxable income but a huge amount can be inherited tax free. Also, gifting it shortly before taking advantage of benefits that require spending all your money first may consider gifting as fraud.
It is a stupid system.
Goodlucksil@lemmy.dbzer0.com 3 days ago
Ludicrous0251@piefed.zip 3 days ago
No it doesn’t. tl;dr - (as of 2025) $19k/individual/year is tax free (so one couple could give another couple up to $76k/yr)
Any gifts above that limit needs to be reported but is still tax free, it just whittles away at your lifetime exclusion (which is the same bucket of money as your estate tax exemption - currently $15M).
The gift giver pays the tax only once they exceed the lifetime exemption. There is no tax for receiving gifts.
For 99.99% of Americans, there is no gift tax.
GreyEyedGhost@piefed.ca 3 days ago
This is what kills me about people complaining about inheritance tax. Oh, you’re worried you’ll only be able to give each child $15M? Plus $19k/year before you die? I wish my kids had to struggle with only $15M when I die.