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  2. Child Tax Credit: Everything You Need To Know Before ... - AOL

    www.aol.com/child-tax-credit-everything-know...

    The child tax credit (CTC) is a partially refundable tax credit available to taxpayers with dependent children under the age of 17. The maximum tax credit per qualifying child is $2,000, $1,700 of ...

  3. Gift tax in the United States - Wikipedia

    en.wikipedia.org/wiki/Gift_tax_in_the_United_States

    Without the gift tax, large estates could be reduced by simply giving the money away before death, thus escaping any potential estate tax. Gifts above the annual exemption amount act to reduce the lifetime gift tax exclusion. [14] Congress initially passed the gift tax in 1932 at a much lower rate than the estate tax, a full 25% under the ...

  4. Taxpayer Relief Act of 1997 - Wikipedia

    en.wikipedia.org/wiki/Taxpayer_Relief_Act_of_1997

    Starting in 1998, a $400 tax credit for each child under age 17 was introduced, which was later increased to $500 in 1999. This credit was phased out for high-income families. The top marginal long term capital gains rate fell from 28% to 20%, subject to certain phase-in rules. The 15% bracket was lowered to 10%.

  5. Charity Donation Tax Deductions: What You Can and Can’t Claim

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    The Tax Cuts and Jobs Act of 2017 trimmed tax rates and significantly boosted the standard deduction, thus greatly reducing the number of taxpayers eligible to benefit from charitable deductions.

  6. Charitable contribution deductions in the United States

    en.wikipedia.org/wiki/Charitable_contribution...

    A further trap awaits the unwary U.S. investor who donates depreciated assets – assets on which there have been losses in value – to charity. The gift actually forfeit the tax deductibility of the capital losses, and only the depreciated (low) market value at the time of the gift is allowed to be deducted, rather than the higher basis.

  7. What Counts Toward the Gift Tax? - AOL

    www.aol.com/counts-toward-gift-tax-130055262.html

    If you give someone cash or property valued at more than the 2023 annual exclusion limit of $17,000 ($34,000 for married joint filers), you'll have to fill out Form 709 for gift tax purposes. But ...

  8. 2024 gift tax rate: What it is, how it works and who has to ...

    www.aol.com/finance/2024-gift-tax-rate-works...

    A single person who gives several gifts of up to $18,000 to different recipients in a year, for example, won’t be impacted by the gift tax and won’t have to file a gift tax declaration.

  9. Child tax credit (United States) - Wikipedia

    en.wikipedia.org/wiki/Child_tax_credit_(United...

    The child tax credit under the Tax Cuts and Jobs Act of 2017. Top plateau would be higher for more children. Under the Tax Cuts and Jobs Act of 2017 (TCJA), for the years 2018–2025 (excluding 2021, see below section Temporary Expansion in 2021) the CTC allows taxpayers to reduce their federal tax liabilities by $2,000 per qualifying child (see Eligibility).

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