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by gnicholas
1257 days ago
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> The annual limit determines if you need to report your gift to the IRS or not, but nothing else. It can lead to problems with your estate when you die, and result in penalties and interest (from the date of the gift). See https://www.forbes.com/sites/bobcarlson/2022/02/24/avoid-the... > If you stay below the annual limit every year, you will never exceed the lifetime limit, unless you and the recipient live to 140 or something, so the different limits are related, but that's it. Actually, if you stay below the annual gift limit every year, you can never exceed the lifetime limit. Only gifts in excess of the annual limit count toward the lifetime amount. |
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