Recently, questions have arisen regarding the applicability of the gift tax to contributions to 501(c)(4) organizations.
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If a 501(c)(4) organization makes a gift it is not subject to the gift tax.
When transferring assets to grandchildren, grandparents can make several moves free of gift tax.
Because of the new three-year limit, the beleaguered IRSwants to start auditing more gift tax returns.
The gift tax is a separate excise tax on a transfer by an individual donor.
If you exceed that limit, you could wind up owing gift tax of up to 35%.
Then there is the estate and gift tax mess, making it almost impossible to plan.
Different rules apply for federal estate and gift tax purposes, as well as state law.
The federal gift tax theoretically applies to any gratuitous transfer of property by an individual.
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Since, in theory, nothing is left for the beneficiaries, no gift tax is owed.
For more information, see my earlier post, Instructions For 2010 Gift Tax Return Were Revised.
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The IRS pulled incorrect 2010 gift tax return instructions and substituted them with revised ones.
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"That's a lot of gift tax that I'm suggesting be paid, " Ms. Schurig says.
The rest will pass to the heirs free of gift tax when the trust term ends.
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Gifts in excess of the annual exclusion are subject to the federal gift tax.
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If you exceed the limits, you could wind up owing gift tax of up to 35%.
The Irish may have introduced a gift tax but how rigorously is it enforced?
Heck, if a regular taxable corporation makes a gift it is not subject to the gift tax.
Here are strategies for subsidizing relatives and, in some cases, friends without having to pay gift tax.
And in a gimme to the rich, it includes unifying the gift tax and the estate tax.
If some stranger came by and donated house cleaning services, that would be subject to a gift tax.
JCX-1-11 also provides an informative table summarizing the estate and gift tax rates and exemption amounts from 1975-2011.
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This tactic meant that taxpayers who filed gift tax returns couldn't be sure how their estates would fare.
And of course, such generosity makes me wonder: is Sheen is planning on filing a gift tax return?
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Nor has it provided a reason why the 2010 gift tax instructions are still available in HTML format.
The Republicans have robbed the bank and the estate and gift tax (change) is the jewel of the robbery.
Use Spousal Lifetime Access Trusts to Take Advantage of the Gift Tax Exemption.
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They gambled that the Internal Revenue Service, which audits less than 1% of gift tax returns, wouldn't touch them.
Gifts beyond that trigger gift tax or eat into your lifetime gift-tax exemption.
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Further into the future, this appreciation not only goes to family members but--most important--it goes to them gift tax-free.
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