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I'll start pointing out that A) I know which cousins I'll give money to...

They're the ones I grew up with visiting our grandparents every month. There are 12. There is potential for another 6 on my mom's side, but after my parents split up when I was 10, I barely heard two words from any of them until our grandmother died sixteen years later.

And B) Federal tax law allows me to gift up to $15,000 per year without having to report it or have it affect my lifetime Unified Estate and Gift Tax Credit. So, NO, you cannot have more than $15,000. And you'd better be very friggin cordial if want a repeat next year.

(In response to this post by fordham)

Posted: 10/17/2018 at 5:27PM

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Current Thread:

Sum-beach! I see that the lottery rolled. My party, for ALL, ain't -- thankbud 10/17/2018 04:06AM

Next drawing is THIS Friday....in 2 days. GT game is Next Week. -- Late 80s Hokie 10/17/2018 07:21AM

Which you take home what, half of that? -- EDGEMAN 10/17/2018 07:40AM

868M for Friday or $494M cash option. Then you lose 1/3 of that? So ~$360 -- hoosnowahokie 10/17/2018 08:23AM

It's usually around 50% of the net non annuity payment -- fordham 10/17/2018 11:08AM

You can live on the interest on the rest and never touch the principle. -- Hokie CPA 10/17/2018 12:40PM

Well until every cousin you never know you had comes crying -- fordham 10/17/2018 5:13PM

I'll start pointing out that A) I know which cousins I'll give money to... -- Hokie CPA 10/17/2018 5:27PM

I think it's a little higher than 1/3 when you factor in state & local tax -- EDGEMAN 10/17/2018 08:53AM

Maybe HokieCPA can chime in...what would be the total percentage... -- EDGEMAN 10/17/2018 09:09AM

I'd guess 57% of half. Top federal rate this year is 37% and Virginia is -- Hokie CPA 10/17/2018 10:01AM

Charitable deduction question -- EDGEMAN 10/17/2018 10:11AM

Yes. Give away your chunk the year you win it and it -- Hokie CPA 10/17/2018 10:20AM

Is there a jackpot where it makes more sense to take the annual vs cash? -- HokieAl 10/17/2018 11:30AM

Personal preference. Of course, $800MM paid over 25 years is $32MM per yr. -- Hokie CPA 10/17/2018 1:11PM