Wondering if you’ll owe federal gift tax in 2025? You’re probably in the clear. Most people never pay the gift tax thanks to generous annual and lifetime ...

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 ...

Separately, the lifetime gift and estate tax exemption (the amount you can transfer over your lifetime and at death before paying federal estate or gift tax) is scheduled to rise to an ...

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.

I sometimes receive a call from a client inquiring about the rules on giving gifts to friends and family. They want to find out if there are any tax deductions and tax implications for gifting. There ...

Learn how to make 529 plan contributions as a gift, understand the gift tax rules, and explore how to contribute efficiently ...

The Tax Court held that a taxpayer’s 2006 gift tax return and supporting documentation constituted adequate disclosure and began the statute of limitation, despite the gift’s being deemed complete in ...

My husband's parents bought lake property 48 years ago for approximately $15,000. Today it is valued at about $600,000. His mother is still living but is in a nursing home and does not use the cottage ...

Recently a client called inquiring of any tax consequences if their mom gave them a vacation home or money. hey want to find out if there are any tax deductions and tax implications for gifting. There ...