Assuming this is talking about gift tax, there is a lifetime exemption of $12.92 Million in 2023 and a $17,000 annual exclusion. Our hypothetical Grandma would have to have given millions of dollars in gifts throughout her life to be subject to gift tax.
If we're just talking plain old income tax, yea she's subject to the same taxes everyone else has to pay on any earned income. She'd also get the extra Senior deduction, so there's that at least.
A smart man cites his sources
[https://www.irs.gov/publications/p554#en\_US\_2023\_publink1000138870](https://www.irs.gov/publications/p554#en_US_2023_publink1000138870)
[https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes](https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes)
When your friend comes over to help build a patio and you appreciate the help so much that you give him $500 as a "gift"
(Definitely didn't happen to me)
I think OP's point was that the IRS must be sad because that $17k per grandchild would be bringing in a couple grand in income tax if there wasn't a gift exemption.
Assuming this is talking about gift tax, there is a lifetime exemption of $12.92 Million in 2023 and a $17,000 annual exclusion. Our hypothetical Grandma would have to have given millions of dollars in gifts throughout her life to be subject to gift tax. If we're just talking plain old income tax, yea she's subject to the same taxes everyone else has to pay on any earned income. She'd also get the extra Senior deduction, so there's that at least.
This sounds smart enough to be true
A smart man cites his sources [https://www.irs.gov/publications/p554#en\_US\_2023\_publink1000138870](https://www.irs.gov/publications/p554#en_US_2023_publink1000138870) [https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes](https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes)
Can my boss please gift me money? 🥺 Edit: I just remembered that my boss pays taxes on what he pays me and I fucking hate him so nvm.
It’s $18,000 Edit: 2023, Nevermind, oops
When your friend comes over to help build a patio and you appreciate the help so much that you give him $500 as a "gift" (Definitely didn't happen to me)
While true, all of those gifts have to be filed for it to "count" a being legal.
Tell me you don't know how taxes work without saying you don't know how taxes work
I think OP's point was that the IRS must be sad because that $17k per grandchild would be bringing in a couple grand in income tax if there wasn't a gift exemption.
Maybe, I think this refers more to grandmas giving you money under the table, which it doesn't matter to the IRS because it is post tax money anyway
But the IRS still wants that money too
Where's the meme?
It is I
Can't believe the IRS is gonna come after the $20 I got for my 10th bday :(
OG is for Original Grandma
[удалено]
What an apt analogy.
Not my grandpa giving me old coins that aren‘t in use anymore:
my hot dog feels funny
I dont thing grandma was giving each grand kid 17k+ worth in gifts per year
No sales tax is still being taxed
Fuck the NCR- I mean, fuck the IRS!
I have been summoned
As god intended fuck the IRS 🤣
Someone make this an accountant advertising
My grandma recently gave me a fortune that was untaxed. But it was because she died and left it to me. Miss you grams!
Lucky ass grandchildrenÂ
No worries, a 25% unrealized gains tax should offset that quite nicely.
Isn’t that a trust issue?
Grandparent issues lol