The gift tax is perhaps the most misunderstood of all taxes. When it comes into play, this tax is owed by the giver of the gift, not the recipient. You probably have never paid it and probably will never have to. The law completely ignores 2024 gifts of up to $18,000 per person, ...
Each year, the IRS uses gift tax returns to keep track of any gifts that exceed the annual gift exclusion amount. Your excess gift amount accumulates until it reaches the lifetime gift tax exclusion. That’s when you start paying the gift tax. This lifetime gift tax exemption allows the g...
Gift Tax on Transfer of Land Reserved for Public Use to ChildrenJosephine PengKo-Jen Hsiang理律法律事務所理律法律雜誌:英文
Nonresident alien parents often want to give their children gifts who are U.S. citizens or Green Card holders. In such cases, the recipient needs to know if there is a tax on gifts from their parents. Unfortunately, these rules are complex and aren’t well-known. Below is some basic inf...
While 529 plans do not have annual contribution limits, gift tax may apply for contributions over a certain amount. The IRS considers contributions to a 529 plan as completed gifts for federal tax purposes. As of 2025, up to $19,000 per donor per beneficiary ($18,000 in 2024) qualifies ...
Once the annual gift has been made to the 529 plan, the money is no longer considered part of the gifter's estate, for estate tax purposes. The good news for people who receive gifts: When someone makes a gift to your 529 account, you generally will not owe taxes on the amounts. ...
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Transfers Not Subject to Gift Tax Certain types of gifts are exempt from gift tax. Qualified Transfers:Payments made directly to a qualified academic institution or medical care provider on behalf of the donee escape any gift tax. Payments for Support:Legal obligations for children or other depende...
Jacques Cutting, a bilingual paralegal in Stone King’s international and cross-border team, looks at the adoption of an adult as a way to reduce French inheritance tax.
Tax Tips: Take Advantage of the Temporary Gift Tax Break The Tax Cuts and Jobs Act temporarily doubled the federal gift and estate tax exemption through 2025. Adjusted for inflation, the exemption currently allows an individual to transfer up to $11.58 million free of federal gift or estate ta...