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30 Closed Cab PU · 07-21-2020, 06:50 PM

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.

07-21-2020, 06:50 PM	#4
30 Closed Cab PU Senior Member Join Date: Aug 2018 Posts: 2,332	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.