My hope is that there may still be a way to not use my lifetime gift credit. If I must, it does not seem to be a serious issue. The lifetime credit has increased over the years. But what if it ever dramatically dropped?
I am not sure that is true. Reading www.irs.gov/pub555
This is good feedback. I doubt that I will ever have an $11.2M estate or ever approach that level of gifting. And I know that I will not have to pay gift tax until I go over the limit.
I think that I need to talk to a tax attorney.
I am beginning to realize the legal benefits of marriage, and all the legal work that couples needed before same-sex marriage. An idea I had is to make a post "nuptual" agreement that says the proceeds from the sale of the house is transmuted to community property, and that would keep the IRS...
What is the name of your state? California.
My partner and I registered our domestic partnership with the Secretary of California on September 10, 2018.
I sold a house on August 20, 2018 titled as a single man and I have been single up until registering. With the proceeds of the sale, my...