I found out a few weeks ago that I was way off about the so called “gift tax” that comes into play when you give someone more than $13,000 a year.
There is a $1 million dollar lifetime exemption! (In other words, anything over the 13K/year goes towards your 1 mil lifetime limit)
All this time I thought I would only be able to pay my mom back at $13,000 a year, which, well, would take some time consider I’m still in the low 100’s with my balance with her!
So, this is great. I can’t pay her back all this year, but I’m shooting for maybe 2-3 years.
