How much money can I give to my son and daughter-in-law without incurring a tax issue with the IRS? -Irwin For 2023, you can ...

The US Internal Revenue Service (IRS) has announced that the annual gift tax exclusion will remain at $19,000 per recipient in 2026, the same as ...

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 ...

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 ...

Thinking about giving money or assets to loved ones? Whether it’s a generous graduation gift, help with a down payment or part of your estate planning strategy, understanding how the gift tax limit ...

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 ...

My husband and I plan to help our daughter with some of her wedding expenses. It’s my understanding an individual can give ...

Want to get on someone’s good side? Help them out financially? Or, perhaps, just make them really happy? Give ‘em a gift! (Cash is always nice.) But if you’re in a gift-giving mood, and you have a lot ...

The Internal Revenue Service has announced a higher estate and gift tax exemption for 2025. The "basic exclusion amount" rises to $13.99 million per person in 2025, up from $13.61 million in 2024, the ...

Editor’s note: This is part 10 of an ongoing series about using trusts and LLCs in estate planning, asset protection and tax planning. The effectiveness of these powerful tools — especially for asset ...

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 ...