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This way, you could give your child up to $34,000 tax-free. Pay expenses directly: Another way to get around the gift tax is to pay wedding vendors directly rather than gifting the cash to your child.
Although weddings have evolved over the years and people are choosing less traditional ways to tie the knot, there are still certain financial rules of etiquette that apply to both the couple ...
A typical cash wedding gift could range from $50 to $500, depending on the same factors listed above. Even then, aiming for the $100 mark is generally sufficient and will be comparable to the ...
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 U.S. tax code allows taxpayers to claim deductions that reduce taxable income, such as certain charitable contributions, mortgage interest, and state and local income, property, and sales taxes (such deductions which are subject to limitations including, but not limited to, the $10,000 state and local tax deduction limit and the 50% AGI ...
If you're the bride or groom, it's a good idea to "let people know what the money is going to be used for," Post says. "Sometimes, especially when it comes to the honeymoon, the more detailed the ...
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.
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