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Old 07-22-2020, 04:44 PM   #10
40 Deluxe
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Join Date: May 2010
Location: now Kuna, Idaho
Posts: 3,406
Default Re: Estate planning/thinning the herd

Originally Posted by 30 Closed Cab PU View Post
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.

Maybe ask your tax guy what he uses IRS Form 709 for.
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