When it comes to giving money to loved ones or charities, you have to be aware of key issues, like potential tax implications, to make the most of your gift.
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In more and more countries, people choose to give money on special occasions rather than giving gifts chosen personally. Why might this be the case? Is it a positive or a negative development? Give reasons for your answer and include any relevant examples from your own knowledge or experience...
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Money in joint brokerage accounts is “liquid,” meaning it can be withdrawn at any time. However, you will be required to pay taxes on capital gains, dividends, and bond interest generated in the account.There are no contribution limits for these accounts. Gift tax rules might apply, but ...
UGMA accounts come with no contribution limits. Just keep in mind that there's a gift tax imposed by the IRS, which does place caps on how much individuals can set aside as agiftto others. Similarly, there are no withdrawal limits or restrictions. This means that money can be taken out...
Be aware, though, of potential gift and estate tax implications even though there are no income or contribution limits like other savings options. To avoid triggering the federal gift tax (aka the tax on transferring money or property to someone else for nothing or less than full value in ...
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"Let’s say you’re an adult and you have this stock with a lot of gains built into it. If you were to sell it, you would pay taxes on the gain. Assuming it’s long-term, you might pay 15%," he says. But instead of selling the stock, you could give it as a gift, transfe...
They fall under the Uniform Gift to Minors Act (UGMA) or the Uniform Transfers to Minors Act (UTMA), and contributions can be invested in stocks, bonds, mutual funds and other securities. As the custodian, you manage the account, but the money belongs to your child. You are re...