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Is THAT Gift Taxable – IRS Form 709

The IRS instructions to Form 709 Gift Tax Return spell out the general rules for allocating the unified credit to prior gifts. For 2017, the annual gift tax exclusion is $14,000.  That means you can give up to $14,000 to as many different

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Posted in Gift Tax

Gift Tax on Transferred Real Estate

The person or entity transferring a property has a capital gain to the extent that the amount realized exceeds the adjusted basis of the property. However according to Reg § 1.1001-1(e) no loss is allowed on a transfer that is part

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Posted in Estate Tax, Family, Gift Tax, Rental Real Estate

Surviving Spouse Estate & Gift Tax Exclusion

IRS Notice 2011-82 makes available the ability for taxpayers to pass along their unused estate & gift tax exclusion amounts to their surviving spouse if an estate tax return is filed. This new portability election allows estates of married taxpayers to

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Posted in Estate Tax, Gift Tax, Tax Deductible Expenses, Tax Filing Status, Tax Guidance & Preparation, Tax Problems & Requests, Trusts

2012 Estate Tax Exemption Increase

IRS Rev. Proc. 2011-52 states that the federal estate tax exemption will increase from $5,000,000 to $5,120,000 for the estates of decedents who die in 2012. Subsequently the lifetime gift tax and generation skipping transfer tax exemptions will increase from $5,000,000 to

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Posted in Generation Ski[[ing Transfer Tax, Gift Tax

Gift Tax – Revised IRS Form 709 – Is THAT Gift taxable?

The IRS released revised instructions to Form 709 Gift Tax Return. The revised instructions change the rules for allocating the unified credit to prior gifts. For 2017, the annual gift tax exclusion is $14,000.  That means you can give up to $14,000

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Is that Gift taxable? Is IRS Form 709 Required?

If you give someone money or property during your life, you may be subject to the federal gift tax. Most gifts are not subject to the gift tax, but the IRS has put together the following eight tips to help

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Posted in Gift Tax
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