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A comment on John Carmack: I loaned money to anyone that asked me. Parent comment

Re:John Carmack: I loaned money to anyone that asked me by alach11 on Monday January 09, 2023 @12:47PM (#34313257)
IIRC gifts aren’t taxable unless they exceed $14,000 in a year.
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Re:John Carmack: I loaned money to anyone that asked me by dragonwriter on Monday January 09, 2023 @12:52PM (#34313325)
There is both an annual (currently $17,000/recipient) and a lifetime (currently $12.92 million/donor) limit before the donor pays gift taxes.
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Re:John Carmack: I loaned money to anyone that asked me by lotsofpulp on Monday January 09, 2023 @12:53PM (#34313348)
The $17k per year is just a reporting limit. No taxes are owed until gifts exceed the lifetime amount, which is somewhere around $12M, or maybe $13M now as you write.
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Re:John Carmack: I loaned money to anyone that asked me by smugma on Monday January 09, 2023 @07:58PM (#34318845)
Didn’t realize this, thanks!

But I also like the IRS limits. It limits how much my family/in laws think I might be able to give them in a year :)

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