To: Sequoyah101
When is this supposed to take effect?
This could really put a crimp in gifting money to people tax free.
Right now, you can do about 14k without anyone having to report it to the IRS. I can see that going away soon.
28 posted on
09/01/2021 12:38:26 AM PDT by
metmom
(...fixing our eyes on Jesus, the Author and Perfecter of our faith….)
To: metmom
Oh you have to report that, it just isn’t taxable.
47 posted on
09/01/2021 3:43:29 AM PDT by
EBH
(Republics are only meant for a good and moral people. 1776-2021 May God Save Us.)
To: metmom
yeah, and the 14K can be from a husband and a wife to a husband and a wife.
So that’s 14K x 4 from say, parents to kids.
66 posted on
09/01/2021 8:21:00 AM PDT by
Scrambler Bob
(My /s is more true than your /science (or you might mean /seance))
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