|
Pittsburg, Kansas | The 228,000 would not come out of the lifetime.
You can give annual amount to virtually anyone, family or not, and not even report it.
But say you give someone 25,000. You would report the 25,000 as a gift, deduct 19,000 (if that's the current amount) and 6,000 would be deducted from lifetime exemption.
I think that is correct. We did that with some land and best I can remember what our tax preparer did, I think that is the way he did it.
I could be wrong. Have been many times before.
| |
|
Generational Wealth - again - sort of
