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Reply to "ILs giving us money"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]the first about $12,000,000 passes without tax consequences. In laws must be loaded; in any event, they're poorly advised. [/quote] They’re not avoiding taxes by giving you the money. But according to IRS, the gift needs to be reported and counts against the estate’s $12M exclusion. [/quote] Tax free up to $11.4M [/quote] Nope. It doesn't count against the $11.4 million if it is under the reportable gift tax amount per year. It only counts against the lifetime exemption amount if it is over the yearly gift limit and is reported as such. Also, as others have pointed out, the limits apply per person, and the lifetime exemption amount is portable between couples. So it is $11.4 million x four. [/quote]
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