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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 ...
There is no gift tax if the property is not located in the U.S. There is no gift tax if it is intangible property, such as shares in U.S. corporations and interests in partnerships or LLCs. Non-resident alien donors are allowed the same annual gift tax exclusion as other taxpayers ($14,000 per year for 2013 through 2016 [9]). Non-resident alien ...
In addition, a maximum amount, varying year by year, can be given by an individual, before and/or upon their death, without incurring federal gift or estate taxes: [4] $5,340,000 for estates of persons dying in 2014 [5] and 2015, [6] $5,450,000 (effectively $10.90 million per married couple, assuming the deceased spouse did not leave assets to ...
If a gift exceeds the annual limit ($17,000 this year, $18,000 in 2024), that does not automatically prompt a gift tax. ... By using the IRS Form 709, you would report the gift and deduct $3,000 ...
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ - see below for explanations of each) used for such returns.
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In 2014 there were two additions to Form 1040 due to the implementation of the Affordable Care Act—the premium tax credit and the individual mandate. [29] In most situations, other Internal Revenue Service or Social Security Administration forms such as Form W-2 must be attached to the Form 1040, in addition to the Form 1040 schedules.
Home Accessibility Tax Credit: A non-refundable tax credit to help with the cost of making a person's home accessible. [20] Medical Expense Tax Credit: A non-refundable tax credit that a person can claim for themselves, their spouse or common-law partner, or other dependants, including their children or their spouse’s or common law’s children.
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