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A person can gift another person $18K this year before it becomes a reportable event.
A person can gift anther person $13.6M (million) in a lifetime before it becomes a taxable event. However anything over $18K in a year is reportable. So if giving more, simply file form 709, but that doesn’t mean taxes are due until 13.6M is gifted.
In some states you can title the property and add a POD (payable on Death). I don't know if it's actually called pod, but it works **** that. It could the go to the grandchild if your don died prematurely. Maybe a tryst of some sort would be better. This really is best discussed with an attorney.
It’s not the federal tax you or heirs have to worry about, it’s the state’s tax.
Absolutely doesn’t apply. None of States involved of on the property, any of my homes, or son’s present residence collects taxes on gifts nor considers cash gifts as income. In our case the money will be paid by me at time of settlement. The house will be titled with my son’s name on it….. however that works either as trust, jointly, me as lienholder…
In some states you can title the property and add a POD (payable on Death). I don't know if it's actually called pod, but it works **** that. It could the go to the grandchild if your don died prematurely. Maybe a tryst of some sort would be better. This really is best discussed with an attorney.
Trysts are oftentimes better, but perhaps not in this situation.
For 2024, the annual gift tax exclusion is $18,000, meaning a person can give up to $18,000 to as many people as he or she wants
Thanks for the update! My info was based on 5 months ago...
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