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What would you think or feel if your elderly uncle gave you $15,000?
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May 5th, 2021
The money giving uncle only visited a few times in your life and never recognized birthdays or holidays. Suddenly out of the blue the old uncle gives you $15,000. He wants nothing whatsoever in return. He simply says that he has more money than he will ever spend and doesn’t want to wait until he dies for you to get the inheritance.
He doesn’t say this but he would give more money but that would trigger a taxable event for both the the giver and the recipient. As far as I know you are allowed to gift up to but not over $15K per year without paying a gift tax.
How you you feel about this situation? Weird? Grateful? Embarrassed? All of the above?
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