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Window Closing on 5.12 million dollar Gift Tax Exclusion and Other Important Tax Benefits

You'll Owe a Gift Tax if You're too Generous

The federal gift tax applies to all gifts that you make during the course of your lifetime. Whether a gift will be taxable for gift tax purposes depends on three things. Find out what they are and if you have made any taxable gifts.

The 2016 Gift Tax Exclusion -- How Much Can You Give This Year?

See How the Gift Tax Annual Exclusion Has Changed from 1997 to 2015

If you are concerned about owing back taxes from all of those birthday gifts that you have given over the years, we have some good news for you. There are some gift tax exclusions that you can utilize to give tax-free gifts. One of them is the annual gift tax exclusion. Each calendar year, you can [ ] The post Free Report: What are the Gift Tax Exclusions appeared first on Vermillion Law Firm LLC.

IRS Announces 2015 Estate And Gift Tax Limits

IRS Announces 2015 Estate And Gift Tax Limits: The federal estate tax exemption rises to $5.43 million per person for 2015, but the annual gift exclusion amount stays at $14,000.

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To avoid the estate tax, you may naturally consider lifetime gift giving. This was something that people used to do shortly after the estate tax was enacted in 1916, but we have had a gift tax in place continuously since 1932, so this loophole is long closed. The gift tax and the estate tax are unified, so the exclusion applies to lifetime gifts along with the estate that will be passed on after you are gone. The estate tax is only applicable on