I read through that thread, is the gist that the amount available to recognize as LTCG is in the ballpark of $2,600? Or is that dependent (no pun intended) on each adult child’s income situation? All our kids file tax returns, but if the max is somewhere around $2,600, I don’t know if it’s worth the trouble.If your tax rate on capital gains is 0%, then you are good to go, but that is unlikely.
Yesterday's query on the subject should be helpful to you:
viewtopic.php?t=445815
The "calculator" is your tax-prep software for 2024.
We gift shares to our independent children that are in the 0% LTCG tax bracket, so no kiddie tax issues for us.
Statistics: Posted by orcycle — Fri Dec 27, 2024 1:39 pm