A key rule is that the giver is responsible for any tax, not the recipient. But most people never owe any gift tax because of ...

Wondering if you’ll owe federal gift tax in 2025? You’re probably in the clear. Most people never pay the gift tax thanks to generous annual and lifetime ...

Separately, the lifetime gift and estate tax exemption (the amount you can transfer over your lifetime and at death before paying federal estate or gift tax) is scheduled to rise to an ...

I sometimes receive a call from a client inquiring about the rules on giving gifts to friends and family. They want to find out if there are any tax deductions and tax implications for gifting. There ...

Fewer taxpayers are subject to gift taxes thanks to a $12,920,000.00 lifetime gift tax exemption for 2023. Because many taxpayers do not fall under the exemption amount, they do not necessarily have ...

Most people give gifts all the time without even thinking about the potential tax ramifications. Yet technically, whenever you give something to someone, you have to follow the gift-tax rules.

Most taxpayers, from individuals to married couples, are unfamiliar with the concept of the gift tax. The government assesses this tax on certain transfers of money or other assets from one person to ...

Forbes contributors publish independent expert analyses and insights. Bob Carlson researches all facets of retirement finances. Gift tax returns could be the most misunderstood, neglected, and ...

The Tax Court held that a taxpayer’s 2006 gift tax return and supporting documentation constituted adequate disclosure and began the statute of limitation, despite the gift’s being deemed complete in ...

A $1 million gift from a generous European grandmother to her doting U.S. grandson could result in a fine of $250,000 if they are not careful. Gifting sounds nice in theory, but it can be complicated ...

My husband's parents bought lake property 48 years ago for approximately $15,000. Today it is valued at about $600,000. His mother is still living but is in a nursing home and does not use the cottage ...

With the end of the year upon us and many people in the gift giving mood, I thought it would be a good time to discuss gift taxes. There is much confusion in the general public regarding gift taxes so ...