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A comment on The wealth of the 25 richest families in the world soared 43% in the last year. Parent comment

Re:The wealth of the 25 richest families in the world soared... by boringg on Friday December 08, 2023 @01:35PM (#38572474)
Actually the current rule is not taxable up to $12M but that changes with the whims of politicians and has changed quite frequently.
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Re:The wealth of the 25 richest families in the world soared... by sokoloff on Friday December 08, 2023 @01:37PM (#38572508)
No, it is not income (nor taxable) to the recipient regardless of amount.

There is a tax on the estate of the decedent if the estate is larger than the exclusion amount.

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Re:The wealth of the 25 richest families in the world soared... by boringg on Friday December 08, 2023 @01:44PM (#38572616)
I think we are saying the same thing.

Not taxable until it is over $12M. The only difference is that I didn't state that it wasn't taxed as income (which it shouldn't be) - it should be taxed as inheritance if it should be taxed at all.

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Re:The wealth of the 25 richest families in the world soared... by sokoloff on Friday December 08, 2023 @02:57PM (#38573421)
Its unusual to start an agreement response with “actually” but glad we cleared up my misunderstanding of that phrase.

In the context of “an inheritance put me in the top 1% of income”, that’s obviously wrong, which was my point.

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