Please Lord, I hope and pray that Mr Rittenhouse has an advisor on-board about handling such matters as this gift! Taxes will be owed on the value of such gifts and he does NOT NEED to become MORE of an IRS target. It is inevitable that he is somewhat of a target for all government agencies right now, sad but true! This needs to INCLUDE Democrat Illinois as well!
Wrong. In 2021, the IRS exclusionary gift tax is $15,000.00 per year. I could give you 15k cash, a UTV, used car, nice guns, etc and as long as it wasn't over 15k, you pay no federal taxes. State gift tax? I don't know of any states that have it. You can also give a one time gift of over 5 million per person (like 11mm for married couple) to reduce estate taxs...but after that 11mm+ number you pay taxes on everything over that. BTW...he wont need gifting...he'll need a broker to buy all the fixed income ladders and stocks when he has a half billion dollars.