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Old 07-21-2020, 06:50 PM   #4
30 Closed Cab PU
Senior Member
Join Date: Aug 2018
Location: Wisconsin
Posts: 2,291
Default Re: Estate planning/thinning the herd

Interesting - My Tax guy who is licensed for Illinois, Wisconsin and Federal taxes told me that tax free gifts max at $14,000 a year. And gifts still have to be reported to the IRS in case the person receiving the gift gets audited. The IRS wants proof of where the money came from. I do not know what the current max is for Tax Free Inheritances, but believe it is over a million dollars.
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