Fewer taxpayers are subject to gift taxes thanks to a $12,920,000.00 lifetime gift tax exemption for 2023. Because many taxpayers do not fall under the exemption amount, they do not necessarily have ...

The Tax Cuts and Jobs Act (TCJA) temporarily increased the federal estate, gift and generation-skipping transfer (GST) tax exemptions from $5,000,000 to $10,000,000 (the federal estate and gift tax ...

Thinking about giving money or assets to loved ones? Whether it’s a generous graduation gift, help with a down payment or ...

Image source: asenal29, Wikimedia Commons. Most people give gifts all the time without even thinking about the potential tax ramifications. Yet technically, whenever you give something to someone, you ...

“My husband, daughter, son-in-law and I all went to the bank.” ...

Since 2013, the gift tax filing threshold has been $14,000, making it relatively apparent that if your client made a gift in excess of $14,000 to any one person (other than a spouse) in 2013 or any ...

In the countdown to April 18 (the day tax returns are due this year), many people rushing to prepare their individual income tax returns will overlook another key tax document that's due the same day: ...

The new Part 6 of the draft Form 706 states that a decedent with a surviving spouse elects portability of the DSUE amount, if any, by completing and timely filing the Form 706. No further action is ...

Most people give gifts all the time without even thinking about the potential tax ramifications. Yet technically, whenever you give something to someone, you have to follow the gift-tax rules.

Most gifts don't require this IRS form, but find out if you're a special case. Most people give gifts all the time without even thinking about the potential tax ramifications. Yet technically, ...