To qualify for both gift tax and income tax charitable deductions, the donor should give directly to a college or other organization exempt under Section 501(c)(3) of the Internal Revenue Code to be used in furtherance of charitable and educational purposes, rather than giving to the stu...
Married couples face several potential complications when it comes to resetting their basis. This is because they often own assets jointly. Note that individuals don’t have to be married to jointly own assets; some of the rules I will describe in the following section work differently for unmar...
If it originates from a trust or organisation that is permitted to conduct business by virtue of Section 12A or 12AA If a person (donee) receives it from a trust that was set up or made just for the benefit of the person's relative. Income Tax on Gift Deed When it comes to gift...
To qualify for both gift tax and income tax charitable deductions, the donor should give directly to a college or other organization exempt under Section 501(c)(3) of the Internal Revenue Code to be used in furtherance of charitable and educational purposes, rather than giving to the ...