Quote:
Originally Posted by Reiwa
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Off the cuff I would say debt relief is not gifts.
But I did not click.
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As of 2018, the IRS allows you to give away up to $15,000 per person each year per person without paying taxes on the gifts. If you pay off someone's credit card to the tune of $15,000, it's a nontaxable event. Interest is no longer an issue because you don't have to ask the individual to pay you back. Otherwise, you might have to pay a gift tax on any portion of the money that exceeds the annual $15,000 exclusion. Unless you've given away millions in gifts, though, you can choose not to pay, because the IRS also offers an $11.18 million lifetime exclusion as of 2018.
nice try but why be so quick to assume these guys are on the level just curious what kind of like hope you're clinging to?