you may not know that there is afederal gift taxunless you have given or received a valuablegift of moneyor property. The person getting the gift usually doesn't owe the gift tax; it's the donor who has to file a federal gift tax ...
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
This page contains a summary of the latest individual contribution limits, income thresholds and eligibility rules for popular tax-advantaged retirement plans. Unless noted or for future estimates, all data is from the official IRS website and relevant procedures. Use the section finder below to ju...
if a child receives a house valued at $200,000 as a gift from her parents who owned it ascommunity property, the IRS considers it a gift of $100,000 by each spouse. Each of the parents must file a gift tax return.
One of the ties that bind families together, as well as encourage parents to work for the betterment of their children is the promise of leaving an estate or inheritance. By legislating that the property owned and accumulated over a lifetime can’t be passed on, we help replace the idea ...
annually over their lifetime (40 years of employment), earned the equivalent of the average income of currently just over $45,000. The lifetime total tax bill topped $350,000. And that does not even count the taxes paid to cover state income taxes, sales and excise taxes, property taxes...