Fewer taxpayers are subject to gift taxes thanks to a $12,920,000.00 lifetime gift tax exemption for 2023. Because many taxpayers do not fall under the exemption amount, they do not necessarily have ...

Image source: asenal29, Wikimedia Commons. Most people give gifts all the time without even thinking about the potential tax ramifications. Yet technically, whenever you give something to someone, you ...

Parents who put money into their children’s “Trump Accounts” might face a headache come tax time: Even the smallest contributions may require them to fill out a little-used gift tax form that can take ...

The Tax Cuts and Jobs Act (TCJA) temporarily increased the federal estate, gift and generation-skipping transfer (GST) tax exemptions from $5,000,000 to $10,000,000 (the federal estate and gift tax ...

Do I need to fill out a Form 709 for this on my taxes this year?” (Photo subject is a model.) - /iStockphoto Last year, I ...

Since 2013, the gift tax filing threshold has been $14,000, making it relatively apparent that if your client made a gift in excess of $14,000 to any one person (other than a spouse) in 2013 or any ...

If you are looking for the instructions for the 2010 gift (and generation-skipping transfer) tax return--Form 709--you will not find them today--at least not in a PDF format. In my blog post on March ...

In the countdown to April 18 (the day tax returns are due this year), many people rushing to prepare their individual income tax returns will overlook another key tax document that's due the same day: ...

In a continued push to overhaul its tax processing technology, the Internal Revenue Service contracted robotic intelligence company Ripcord to digitize some of its data. The pilot program, dubbed the ...

Most gifts don't require this IRS form, but find out if you're a special case. Most people give gifts all the time without even thinking about the potential tax ramifications. Yet technically, ...

Image source:asenal29, Wikimedia Commons. Most people give gifts all the time without even thinking about the potential tax ramifications. Yet technically, whenever you give something to someone, you ...