Note: The content of this video applies only to taxes prepared for 2010. It is included here for reference only. The IRS charges taxes on certain gifts that people make during the year. Learn about the IRS rules for Gift Tax with help from TurboTax in th
Cryptocurrency has revolutionized the financial markets but also created tax traps for the unwary investor. Building on proposed regulations issued last year, the IRS recently increased its oversight of cryptocurrency transactions by requiring brokers, beginning in 2025, to report investor sales and exchan...
These payments qualify for the unlimited gift tax tuition exclusion [IRC section 2503(e)] and are gift tax-free in addition to annual exclusion gifts.Aaronson, Marc ALipoff, Lawrence MKahn, Alan DLan...
TheTax Cuts and Jobs Act (TCJA)suspended the personaltax exemptionfor 2018 through 2025, but some tax exclusions still apply.13 Tax exclusions usually arise in pretax payments that help you lower your taxable bottom line. Income excluded for tax purposes usually does not show up on your tax ...
You may receive a Form 1099-K if you receive at least $20,000 for 2023 and prior, $5,000 in 2024, and potentially just $600 in 2025, which will need to be reported on a tax return. Person-to-person transactions do not fall into this - for example, if you pay a friend back ...
InWandry, decided in March 2012, the taxpayers, Joanne and Albert Wandry, executed assignments and memorandums of gifts to their four children and five grandchildren designed to not exceed their annual and remaining lifetime gift exclusion amounts of $1,099,000 for each taxpayer. Each gift do...
of unlimited tuition exclusion for prepaid tuition. Ways grandparents can get more out of their estate than just one year's tuition without any gift tax; Details on the IRS technical advice memorandum on unlimited tuition exclusion for prepaid tuition; How to qualify for the unlimited exclusion.Aa...