Under current federal tax law, grantors can take immediate federal income tax deductions of up to 60% of their adjusted gross income for cash donations and 30% for appreciated assets. Typically, these funds are professionally managed, and grantors have considerable flexibility in suggesting how ...
The amount of gift tax you may owe directly relates to the property’s value or the amount of cash you give. When you make a gift other than cash, the IRS requires you to assess the property’s fair market value. The appropriate valuation method depends on the type of property; however...
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Every individual can transfer cash or other assets worth up to $14,000 (in 2016) to an unlimited number of recipients on an annual basis. This is known as theannual exclusionagainst gift tax. However, this exclusion only applies to “present interest” gifts (gifts made to a recipient to ...
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