WHAT ARE THE US GIFT AND ESTATE TAX EXEMPTION FIGURES?
Federal estate tax exemption: $5.12 million for individuals. Lifetime tax exclusion for gifts: $5.12 million. Generation-skipping transfer tax exemption: $5.12 million. The annual gift tax exclusion:...
View ArticleWHAT IS AN ESTATE TAX CLOSING LETTER?
A closing letter is provided by the New York State Tax Department to certify no tax is due or to serve as a final receipt for the tax due. It is received after all processing is completed and should be...
View ArticleDO I HAVE TO PAY TAX ON GIFTS THAT I RECEIVE?
No, the person who gives the gift may owe gift tax. Gifts from your employer may be taxable as income. Also, if you receive property that appreciated in value since the donor purchased it, you get the...
View ArticleDO I HAVE TO PAY A TAX ON GIFTS THAT I HAVE THAT ARE OVER $13,000 PER YEAR?
There is not a limit on gifts you can give to charity or your spouse without owing tax subject to several exceptions. The $13,000 a year is per person ($26,000 if you are married). You can give $13,000...
View ArticleCAN I AVOID THE GIFT TAX BY LOANING MONEY AT NO INTEREST AND THEN FORGIVING...
You must put the terms in writing, include a repayment schedule and charge a fair market interest rate. If you forgive the loan at any point, then it is considered a gift. If you or a family member...
View ArticleCAN CHARITABLE CONTRIBUTIONS ALWAYS BE DEDUCTED FROM TAXABLE INCOME?
The gift has to be made to a qualified tax-exempt charitable organization and the charitable deduction has to be itemized. If your total itemized deductions are less than your standard deduction, your...
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