💼 "I can give $19,000 but after that, I am taxed." 💰

I've heard this way too many times to count, but is it really true?

Actually, it's not. Here's what often gets mixed up:

You can give $19,000 to anyone, and there's no limit on how many people you can give this amount to. 

In fact, a husband and wife can each give $19,000 per year to each of their children, totaling $38,000 per child annually.

When you exceed this amount, it simply needs to be reported on a gift tax return. 📝

However, there's no federal tax on these gifts until your total lifetime exemption of $13,990,000 million is used up.

This is a huge common misconception! 🚫🔍