LogFAQs > #905529964

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Topic	So what if someone harms themselves over this 10 grand fiasco?
0AbsoluteZero0 07/22/18 2:58:25 PM #17:	Sunhawk posted... I doubt very much the IRS would allow one million to be gifted to people, as I think there's a limit on this. Youd be wrong. Theres a thing called the gift tax exemption - an individual can gift another person up to 14,000 per year, tax free, for any purpose. The gift tax only kicks in after gifts to a single recipient have surpassed that threshold. As far as I know theres no limit on how many people you can make a tax-exempt gift to, so someone should be able to do a giveaway like this without tax consequences for any of the involved parties. --- -The Admirable <cite>0AbsoluteZero0 posted [p:905529964] in So what if... [t:76831476]...</cite> <quote><cite>Sunhawk posted...</cite> <quote>I doubt very much the IRS would allow one million to be gifted to people, as I think there's a limit on this.</quote> Youd be wrong. Theres a thing called the gift tax exemption - an individual can gift another person up to 14,000 per year, tax free, for any purpose. The gift tax only kicks in after gifts to a single recipient have surpassed that threshold. As far as I know theres no limit on how many people you can make a tax-exempt gift to, so someone should be able to do a giveaway like this without tax consequences for any of the involved parties. --- -The Admirable</quote> ... Copied to Clipboard!
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