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Reply to "Minimizing taxes when transferring money between parents and adult children"
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[quote=Anonymous][quote=Anonymous]5.4 mil? This is clearly something I don't have to worry about. [/quote] Most people don't. That's why it's strange that so many average Americans concern themselves with the gift tax limit. They are simply uninformed. First off, the person or estate providing the gift is the one on the hook for taxes after 5.4 million. Not the receiver of the gift. So it's strange so many people post here worried about the 14k and how can they receive more? Keep in mind 5.4 million is after all that money spent on elder care, nursing homes etc. you have to have a huge estate to be giving away over 5.4 million over your lifetime. I'm guessing there's probably an exclusion for primary residence too. Already tuition payments are excluded. [/quote]
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