⁣Most people think going over the $19,000 gift limit means paying taxes, but that’s not how it works.⠀ ⠀ The receiver of the gift does not owe anything. The giver simply files IRS Form 709 to report the amount over the annual limit.⠀ ⠀ That amount is tracked against the lifetime gift limit, which is around $15 million, so unless you are gifting more than that, no taxes are actually paid.⠀ ⠀ Always double check with your accountant, I am not licensed to give tax advice. If this misconception has

Form 709: How U.S. Taxpayers Report Gifts to the IRS

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