In the United States, upon your death the federal government assesses a tax on the sum of your estate when you pass away. When your intended beneficiaries or executor/trustee take possession of your assets, they must pay a...
Category: Gift Tax
The IRS Announces the 2020 Estate Tax Exemption and the 2020 Gift Tax Exemption Every year the Internal Revenue Service (IRS) releases the annual estate tax exemption for those passing away during the calendar year as well as...
Is Gift Tax Due Immediately Upon Making or Receiving a Gift?
February 27, 2019
Is Gift Tax Due Immediately Upon Making or Receiving a Gift? For 2019, the annual gift tax exclusion set by the I.R.S. is $15,000 per person making the gift, and per recipient. Married couples can gift double that amount...
I’d Like to Make Gifts to My Children But I am Concerned About the Gift Tax If you are interested in making gifts to your children, you may be worried about the gift tax and estate tax. The tax can be substantial, so it is...