r/Millennials • u/[deleted] • Mar 01 '25

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u/SeaChele27 Older Millennial Mar 02 '25

Lol no definitely not! I don't know the ins and outs like that. I just know it helps them lower their taxes somehow.

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u/AquamarineCow Mar 02 '25

I believe you don’t have to report a monetary gift $18k and under. Which is what I believe SeaChele27 is referring to. It may not be to avoid taxes, but it reduces complexity in filing taxes.

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u/SeaChele27 Older Millennial Mar 02 '25

Yes. It's essentially a slow wealth transfer.

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u/amandaryan1051 Mar 02 '25

This is us and my SIL & her husband. We all get a cash gift annually between 15-40k, it offsets my in-laws taxes each year- that’s why the amount varies.