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Deezy1414 t1_j2b7rkz wrote

To my belief it isn’t. You are allowed to gift I believe 18k a year to an individual tax free. Even 4-5 years ago I couldn’t see the irs raising that limit 8k.

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t-poke t1_j2b881e wrote

Sigh, this oft-repeated myth rears it’s ugly head again…

You can gift something like 12 million dollars tax free in your life.

Any gift exceeding $16,000 in a year has to be reported to the IRS on the gift giver’s tax return but they will not be taxed on it. They just want to know about it.

The recipient never has to report anything.

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