The Ford Barn - View Single Post

40 Deluxe · 07-21-2020, 01:10 PM

I've been reading some threads and posts on how to pass our "collections" on to the next generation(s).
My CPA (as well as other sources) tells me that a person can gift up to about 11 million dollars before any gift tax is due. It seems that the $15,000 limit we hear about is actually the amount that does not have to be reported to the IRS. Any amount over that given to one person has to be reported on Form 709 and applies to the "lifetime exclusion" of $11 million (approx.). So 99+% of us could give away our entire estate without any gift tax due (Federal, not sure about state taxes).

If we can no longer keep our car collection maintained and the barn holding our stash of parts is falling down, maybe gifting it to someone who appreciates and wants it is one way to go.

07-21-2020, 01:10 PM	#1
40 Deluxe Senior Member Join Date: May 2010 Location: now Kuna, Idaho Posts: 3,778	Estate planning/thinning the herd I've been reading some threads and posts on how to pass our "collections" on to the next generation(s). My CPA (as well as other sources) tells me that a person can gift up to about 11 million dollars before any gift tax is due. It seems that the $15,000 limit we hear about is actually the amount that does not have to be reported to the IRS. Any amount over that given to one person has to be reported on Form 709 and applies to the "lifetime exclusion" of $11 million (approx.). So 99+% of us could give away our entire estate without any gift tax due (Federal, not sure about state taxes). If we can no longer keep our car collection maintained and the barn holding our stash of parts is falling down, maybe gifting it to someone who appreciates and wants it is one way to go.