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If I were Filthy Rich
By Sorry_Log7546+101 If I won 20 million after taxes
I would give my parents 2 million, my brother 2 million, my best friend 1million/ pay off his debt. And put the rest where I can live off the interest.
What would the tax penalties be on those gifts? I’m in cali.
Recent responses
+38 @tobesteve 0, there's like 15 million dollars you can gift to a person, before tax penalties kick in
+30 @TheHonPhilipBanks Gift tax form 709. You can give like 13.5mil in your life or after death tax free. Otherwise it's 18k person recipient per year with no forms.