Closet_Gamer
Thinks s/he gets paid by the post
Hi.
We find ourselves needing to help a relative in need with a gift in excess of the $36k tax free gift under IRS law. I believe the current law says that we can send money beyond that and deduct it from the current “lifetime” gift allowance of $13.6M. (LOL. That ain’t happening!)
Curious if anyone has experience with this and what complexity I may be missing in doing this?
For a variety of reasons we aren’t able to spread the gift over years, etc.
Thanks
We find ourselves needing to help a relative in need with a gift in excess of the $36k tax free gift under IRS law. I believe the current law says that we can send money beyond that and deduct it from the current “lifetime” gift allowance of $13.6M. (LOL. That ain’t happening!)
Curious if anyone has experience with this and what complexity I may be missing in doing this?
For a variety of reasons we aren’t able to spread the gift over years, etc.
Thanks