West Central Illinois | IN555 - 8/20/2024 17:17
So why should I have to die to get that freedom to pass an asset to someone tax free? What about cash?
I guess I don’t understand why people would more upset about a tax after death but while we are alive we pay tax on anything transferred to someone.
You don’t have to die to transfer. The annual gift tax exclusion is $18,000 per giver. So you and you wife could give $36,000 per year to anyone you choose.
If you go over that amount the excess comes off of your lifetime exclusion which is about 13 1/2 million. |
Elimination of stepped up basis
