The Gift TaxThe Gift Tax Made SimpleVideo: Gift Tax IRS RulesVideo: What Are Inheritance Taxes?4 Ways to Protect Your Inheritance from Taxes More in Estates The Gift TaxVideo: Tax Guidelines About GiftingHow Can I Protect My Inheritance From Taxes?The Gift Tax Made SimpleEstates and Trusts ...
Do I have to report gifted money as income? 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 r...
Payments exceeding the legal obligation for transferring money to a given person is also a gift, such as paying your children more than what you are legally obligated to pay.The gift tax is an excise tax on the right of an individual to transfer property to another. As such, the donor ...
There are special rules covering substantiation for certain non-cash charitable gifts. You may need to report the amount you originally paid for the items if the donation is valued at more than $500. If the value is more than $5,000 a written appraisal may be required. TurboTax Tip: The ...
Terry Savage
Gifting can take many forms. It might mean assisting a loved one with rent, contributing to their down payment on a home, or gifting money as a wedding present. The IRS defines a gift as any transfer of money, property, or assets where the giver does not receive something of equal value...
These are the carriers that typically offer the best service and the lowest rates. Maryalene LaPonsieDec. 13, 2024 How to Prevent Porch Pirate Thefts The holidays create a prime opportunity for package theft. Here are five ways to prevent it. ...
Holiday Gathering on a Budget Focus on creating an experience for your holiday gathering, which can control costs. Aja McClanahanDec. 10, 2024 AI Can Help With Gifts Using artificial intelligence can relieve gifting stress while helping you save time and money. ...
The clean vehicles credit was enhanced and the rules related to the purchase of electric vehicles changed. For vehicles purchased and possession taken after August 16, 2022, the final assembly of the vehicles must occur in North America. For vehicles placed in service from January 1 to April 17...
If you have a large estate, consider gifting during your lifetime as a strategy to help reduce estate taxes. When you give assets to someone—whether cash, stocks, or a car—the government may want to know about it and may even want to collect some taxes. Fortunately, a large portion ...