re: #57 lawhawk

[Embedded content]

Heh, Palm Beach could balance its books and hand the rest of the county property owners a huge tax relief check if they started treating Trump’s property according to the amount Trump claims is its value.

It’d bankrupt Trump in the process too, because he’s cash poor, especially because his Truth Social outfit is draining him dry. He may have property worth billions, but he’s got little cash on hand - his everlasting issue.

Except it’s not his anymore; he gave it to Junior. So Junior will be on the hook for those property taxes.

But first… what’s the Gift Tax?

nerdwallet.com.

Is the gift tax deductible?
Gifts of cash or property to family or friends are not tax deductible. Only charitable donations to qualified nonprofits may be tax deductible.

What is the gift tax rate?
Gift tax rates range from 18% to 40%. There are, of course, exceptions and special rules for calculating the tax, so check the instructions to IRS Form 709 for all the details.

How the lifetime gift tax exclusion works
On top of the $17,000 annual exclusion in 2023, you get a $12.92 million lifetime exclusion. And because it’s per person, married couples can exclude double that in lifetime gifts. That comes in handy when you’re giving away more than the annual exclusion amount.