No, you do not have to report money you receive as a gift as income. While any gift may be taxable, the recipient of the gift does not have to pay the gift tax. And the person who gives you the gift only needs to file a gift tax return if it’s more than the $18,000 annual...
After inheriting a significant amount of money, our client turned to us to help set up a charitable trust. Through the trust, we helped our client make annual charitable donations while removing a significant amount of money from her taxable estate. The trust was funded with low-basis stock,...
Note #1: The above description generally applies to assets that pass through the decedent’s taxable estate. If you are inheriting money in a trust other than a revocable trust, the tax treatment may well differ. This includes whether the assets are eligible for a step-up in basis, the ta...
IMF chief Kristalina Georgieva said…ensuring that the richest paid their fair share would mobilize funds… She said IMF research…also estimated that setting a minimum floor for carbon pricing could boost revenue by $1.4 trillion a year. …Gabriel Zucman, director of the European Tax Observatory,...
Thanks for reading!Monevator is a spiffing blog about making, saving, and investing money. Please dosign-upto get our latest posts byemailfor free. Find us onTwitterandFacebook. Or peruse a few of ourbest articles. all the points in this article are valid; but there are other ways of ...
Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox.Sign up here. Bottom line While most Americans won't have to pay estate taxes, they can have serious implications for those who do. If ...
Broader Implications of Medicare Tax For employees, Medicare tax is a non-negotiable deduction from their gross income. This is one of the factors that contributes to the difference between gross and net pay. With the additional 0.9 percent tax for high earners, these workers also face a slight...
Freddiepays tax on his returns at a rate of 25% every year. Canny Christine has no tax to pay. Here’s how their money compounds over 20 years: (Note: You can also envisage this by comparing annual returns of 7.5% and 10% using acompound interest calculator). ...
In the end when I need money, I am leaning towards refinancing the properties instead of selling. This has a few benefits, including: Get to keep a well-performing property that I know very well Benefit from future loan amortization as my tenants pay it off again ...
IRS Publication 590 provides extensive information on the tax implications of Individual Retirement Accounts (IRAs). The publication explains the various types of IRAs you can use for investing and how each can potentially save you money in income tax. The information most relevant to most taxpayers...