Category: Gift Tax

The gift tax exclusion is among the most valuable tools available to transfer assets to family and other loved ones without ending up with an unwelcome tax bill for the givers or recipients. Year-end often is a busy time for gifting, as taxpayers move to take advantage of the annual exclusion. However, the impending end of

The holidays often inspire a spirit of generosity. So, at year-end, many people decide to give money or assets to their loved ones. Over time, lifetime gifts can also be an effective way for wealthy people to minimize their taxable estates. Here are the basic federal tax rules for these transactions. Beware: Quite a few states