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10k now, the rest in 2023
Jk, it looks like you’re good now as long as it’s under 16k
https://www.forbes.com/sites/bobcarlson/2021/11/13/the-three-ways-to-make-tax-free-gifts-and-why-you-should-use-them-soon/
Chief
💸💸💸🤐🤐
You will not be subject to any taxes for a gift size of this amount.
Yeah KPMG is right. Beyond $15k per year, the requirement is simply to report it. No taxes until $x million is transferred over your lifetime
Send 10k to me, 5k to you.
I’ll get back to you on the rest
Send to my Venmo and I’ll give you cash under the table. I promise it’ll work out just fine.
Rising Star
If you’re married 10k to you and 5k to spouse
Cash
My parents have transferred me ~$70k as a gift before and I did not need to report taxes or anything. Not sure when this $15k gift tax is enforced.
I’m surprised that much money didn’t trigger an IRS audit if it wasn’t reported. Aren’t the banks required to report any transactions over 10k
Tell them to give you cash then deposit small amounts into your bank with few days apart
Put it in stocks, have ur family transfer stock ownership to u, take a margin loan out against the stock
cash
Rising Star
They should just transfer 15k. Unless they’ve gifted millions of dollars, nothing happens if they report it
Tell the bank you lend it. My in-law gave over $200k to pay off mortgage. Bank asked where the money is from. We said the family is lending us and we didn’t have a problem.
Rising Star
This is such a bad suggestion for an amount less than $15k