Category - Gift Tax

What’s $300 million among friends?

April 27, 2016

This relates to yesterday’s post about the recent passing of Prince and the probable court battles which are about to begin as step-family and former friends and associates of all sorts try to get their hands on a portion of Prince’s estimated $300 million estate. I was visiting yesterday with a CPA with whom I […]

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Gift Tax Basics Part 2–Concepts for Married Couples

November 28, 2014

Special gifting rules apply for married couples, most of which are helpful in permitting couples to gift assets to each other and to other individuals while avoiding or minimizing gift taxes. What special rules apply to married couples? One of the most important (and helpful) rules is that customary annual gifting limits don’t apply to […]

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Gift Tax Basics Part 1–Uncle Sam May Benefit From Your Gift Giving

November 25, 2014

Gift tax is a real thing and not knowing is NOT a valid defense or an excuse that the IRS will accept. Next April, when you are filing your income tax return, don’t forget to also consider “Form 709”, which is the gift tax form. Is everyone required to file Form 709? Nope. However, there […]

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Sometimes a Gift Can Be a Bad Thing

November 21, 2014

Everyone likes to receive a gift, right? Likewise, we rightfully praise givers of gifts for their generosity. Even so, in the area of tax planning, giving a gift can sometimes be the wrong thing to do—or at least the giver of such gift should understand that gift tax, capital gains income tax and even estate […]

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GIFT TAX-–WHAT’S THE DEAL?

July 29, 2013

Gifting of assets is a good thing, but it must be done with an understanding of applicable tax ramifications, specifically with regard to federal gift tax. All U.S. citizen taxpayers are given something called the Unified Credit Exclusion Amount, which can be used toward any applicable gift taxes incurred throughout their lifetime (and/or against estate […]

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