In 2017, the federal gift and estate tax exemption was $5.49 million 1. The Tax Cuts and Jobs Act of 2017 doubled the gift ...

In certain instances when all available exemptions, exclusions, and thresholds have been met, these transfers are subject to a gift tax. Estate planning is the process of transferring wealth to ...

Warning: This column contains numbers. With the 2024 election in the rearview mirror, we may soon get some certainty ...

The gift tax only applies when you exhaust your lifetime exemption. In 2023, a person can give away up to $12.92 million over the course of their lifetime without triggering the gift tax (this ...

The shifting 2025 tax brackets include an increase to the standard deduction. For married couples filing jointly, the standard deduction will now be $30,000, up from $29,200. Single taxpayers can ...

The Internal Revenue Service recently announced the 2025 cost of living adjustments for the estate and gift tax exclusion ...

In 2024, the annual gift tax exclusion amount is $18,000. This simple gifting strategy offers enormous benefits for receivers ...

Americans are dodging capital gains taxes by gifting their booming assets to their parents. But is this legal? If you sell ...

In 2024, an individual can give $18,000 to as many people as they want without reporting the gift on their tax return and ...

A. The answer is yes. Payments received from both LFP and ELAP are taxable in the year the payment is received. A 1099-G will ...