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Herman by Jim Unger for April 07, 2023
April 06, 2023
April 08, 2023
Old, joke, urban legend. But not true. In the US the receiver almost never gets taxed, and neither does the sender until for the first $17,000 gift (in 2023) for the year, and past that there is a $12.92 million lifetime exemption (for 2023), you need to file a form telling the IRS so they can track it, but you don’t pay until you exceed $12.92 million. About the only thing that might apply is if Grandpa put it in a 529 plan for his college and it exceeded the $17,000 for that year.