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No. "Combined" in this case refers to gift taxes and estate taxes, combined and not husband and wife. Each person can give in his or her lifetime or after his or her death, $11 million. A further point on when to file a 709: if Karl gives $30,000 in one year to Jeff, Karl and Mrs. Karl can elect to gift split by each filinf a 709 and treating half the gift as having been given each of them. If Jeff is married, Karl and Mrs. Karl can give an additional $30,000 to Mrs. Jeff. Most of the loan would be payed off then. | |||
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Nosce te ipsum |
True. Thank you for making me look this up. News to me indeed. The Tax Cuts and Jobs Act (TCJA) spiked the exemption up to $11.18 million in 2018—effectively doubling it from the year before. It was adjusted to $11.4 million in 2019 to keep pace with inflation. But this is only a temporary measure because the TCJA will expire at the end of 2025 unless Congress acts to renew the legislation. Otherwise, the exemption could plummet back to the $5 million range. https://www.thebalance.com/gif...me-exemption-3505656 | |||
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Member |
There are no tax consequences to doing this above board, as discussed above. Ne reason to take any risk. | |||
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