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A contribution to a charitable organization need not be fully a "gift" in the statutory sense of the word to be deductible to the donor. The donor's allowable deduction will be reduced, however, by the amount of the "substantial benefit" conferred upon them as a result of their contribution. [1]
Few tax laws cause as much confusion as those that apply to the gift and estate tax, and 2014 is no different. Fortunately, the major changes in recent years have been to your advantage. Gift ...
A gift tax, known originally as inheritance tax, is a tax imposed on the transfer of ownership of property during the giver's life. The United States Internal Revenue Service says that a gift is "Any transfer to an individual, either directly or indirectly, where full compensation (measured in money or money's worth) is not received in return."
The most recent year of available data is 2021–2022. Analysis of the ATO data showed that the total amount donated and claimed as tax-deductible donations in 2021–22 was $4.55 billion (compared to $4.39 billion for the previous income year). This constitutes an increase of 3.66 per cent or $160.58 million.
Whether you work in the gig economy or are the recipient of a cash gift from a relative, you need to know if and how to report that money to the IRS. -- Cash gifts up to $15,000 per year don't ...
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The U.S. generation-skipping transfer tax (a.k.a. "GST tax") imposes a tax on both outright gifts and transfers in trust to or for the benefit of unrelated persons who are more than 37.5 years younger than the donor or to related persons more than one generation younger than the donor, such as grandchildren. [1]
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