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Old 07-21-2020, 07:55 PM   #6
Jeff/Illinois
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Join Date: May 2010
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Default Re: Estate planning/thinning the herd

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[QUOTE=40 Deluxe;1911711

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).

.[/QUOTE]


Very true, we went through this years ago in Business Law classes at a local college I was attending and which was taught by an Attorney. He was very specific about what you just said. Thank you!

Here is the form from the IRS

https://www.irs.gov/pub/irs-pdf/f709.pdf

Remember that this can and will be changed if certain individuals get elected. Seems as though some people think it is a crime for you to own personal property and they want to take that away from you and 'gift' it to others.

I'll leave that up to you to figure out who that may be.
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