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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.
If you have transferred money or property to someone and received no payment or compensation in return, this is considered a gift and is taxable if the value of the gift is over the gift tax limit ...
If any gift exceeds the annual limit, you’ll file a gift tax return on IRS Form 709. This is purely an informational return with no tax due until you cross the lifetime limit of $12,092,000 (for ...
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 2009, that rate was 45%. Since 2014, the GST tax rate has remained at a flat 40% of the amount transferred, which is the same as the highest estate and gift tax rate. In 2009, each taxpayer enjoyed a $3,500,000 exemption from the generation-skipping tax.
This year is coming to an end, and smart investors are already looking forward to how they can make the most of new opportunities next year. In particular, if you take steps to minimize your taxes ...
For dependents, the standard deduction is equal to earned income (that is, compensation for services, such as wages, salaries, or tips) plus a certain amount ($400 in 2023). A dependent's standard deduction cannot be more than the basic standard deduction for non-dependents, or less than a certain minimum ($1,250 in 2023).
The annual gift tax exclusion of $17,000 for 2023 is the amount of money that you can give as a gift to one person, in any given year, without having to pay any gift tax.
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