How to Gift MORE than the Gift Limit in 2022

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Information How to Gift MORE than the Gift Limit in 2022 | TAX FREE

Title	:	How to Gift MORE than the Gift Limit in 2022 \| TAX FREE
Lasting	:	6.40
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Views	:	13 rb

Thank you so much for the info can I ask if I need to pay capital gain tax when I sell a gifted car I got this tax for free from my parents basically I paid 0$ on the car a couple years ago and now Im selling it for 7k do I need to pay tax on 7k profits?
Comment from : Noah Y

So, mom gifts $15k in cash, actual cash bills Child deposits the cash The bank makes a report of the large cash deposit and another alphabet agency want to know whom the gift was from Is the child required to offer up a name?
Comment from : Danny M

If one makes a revocable trust within which 20000$ is designated to be gifted a person, Does the Trustee file a form 709 with the irs the year the trust is created as donor of the planned gift?
Comment from : Donna Berube

So what about the recipient of the gift? What are their tax implications and required reporting?
Comment from : Cainan

What about the recipient? Does the recipient have to pay taxes on the gift received a 16k or of 32k ( paid in two 16k installments) ? Does it matter if it's parents or a friend?
Comment from : sophie

You should do a video walkthrough on how to fill out the 709 form
Comment from : Skeptic

If I exceed the annual limit this year by 7M, and file form 709 (leaving roughly 10M future exclusion from the 1692M current limit) and the unified credit is later reduced back to roughly 7M in 2026 do I maintain a 7M future exclusion (as I had 10M remaining, but capped at 7M)*bOR*/b does the gift of today totally eliminate my unified credit since I had used 7M prior to the exclusion reduction?
Comment from : demar1496

My wife and myself purchased a new car for my daughter for $2400000 Would we need to fill out form 709? The money came from our joint account
Comment from : James Cronin

Great information For spouses, if the want to gift 32,000 can they do it in one lump sum or should it be separated into two payments of 16,000 per spouse?
Comment from : Scott Gage

I am in a situation this year where I am being gifted a large sum of cash from my mother This wasn’t a transaction or business on my part She sold real estate in a foreign land and now wants to gift me back a percentage for helping her out back in October 2020 To my understanding of this video and the IRS gifting language, I can go to my bank and deposit $16k in cash and claim it as a gift I was hesitant because I know the irs wants to report any transactions over $10k but this isn’t a transaction on my part
Comment from : Finales Funkeln

If my wife and I provide free rent to a family member worth over $32k/year is that considered a gift counted against the max annual gift limit?
Comment from : Steven

Two things you didn't tell your viewers that are important: 1 Gifts over $16,000 for tuition or medical expenses must be paid DIRECTLY to the provider of the education/medical care You can't give the tuition/medical expense money to the gift recipient directly and tell them to use it to pay tuition or medical expenses 2 Couples gifting $32,000 to one person need to write TWO checks for $16,000 each or they will have to file Form 709 for gift splitting At least that's my understanding of the regulations
Comment from : Rick B

Another plus with gifting would be is funding families Roth IRAs, for children and grandchildren which would grow tax free I good way to get back the stretch IRA that we lost in the Secure Act
Comment from : Andrew Roth