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DFW

(60,483 posts)

4. I am not an IRS inspector/auditor

Reply to RandySF (Original post)

Wed May 20, 2026, 04:52 PM

Wednesday

However, I do know that there is a limit to tax-free annual gifts. Last I saw, it was an annual limit of about &15,000. Over that amount, a “gift tax” kicks in. I don’t know who pays it, or, in the case of a foreign donor, if there is income tax liability for the recipient. But I’m fairly sure one would have to do some very fancy accounting footwork to make an $880,000 gift to anyone and NOT trip over a wire that sets a tax obligation in motion.

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mopinko

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