Divvying Up the Silver Jun 3, 2008
Under IRS rules, you can give away up to $12,000 a year per person - plus distribute another $1 million over your lifetime - without triggering the 45% gift tax ... In some cases, it may make sense to pay gift taxes today to save on estate taxes tomorrow ... Moreover, because estates must pay tax even on the dollars they use to pay the tax itself, those with very large estates may come out ahead by instead paying the gift tax, which is levied only on the value of what's given away, says Jon... (KFOR Oklahoma City, OK)
How to Give to Your Grandchildren May 20, 2008
Moreover, you can sock away quite a lot of money in the 529 plan without triggering a gift tax - up to $12,000 per grandparent, or $24,000 for a couple each year ... And if you, the grandparent, write a check directly to the school, there is no gift tax ... However, since the tuition is not considered a gift, you're still able to give a grandchild an additional $12,000 per year without worrying about the gift tax. (Townhall.com)
Shift That Wealth Now May 17, 2008
Clients were reluctant to shell out fat fees and certainly didn t want schemes that involved paying gift taxes now in lieu of estate taxes later if there was a chance there wouldn t be an estate tax when the time came ... Certain techniques that let you move big bucks to your kids while you re alive at reduced or no gift tax cost for example, grantor retained annuity trusts work best when both interest rates and asset values are depressed ... The good news is that most affluent folks don t need... (Forbes)
Shielding economic saboteurs killing Ghana May 16, 2008
Mr Oppong-Damoah explained that gift tax was self-assessment in character and that taxpayers were obliged to report any taxable gifts received within the year of assessment to the Commissioner within 30 days of receipt. He said tax relief for workers did not come to them as additional cash payments but rather aggregates of the relief were deducted from incomes before tax, thereby lowering tax deductions. (Ghana Web, Ghana)
Planning For The NextRound Of Taxes May 15, 2008
The only thing they [politicians] have to do next year is the estate and gift tax. Otherwise we get to 2010 and people start taking their parents out for hunting accidents, says Clint Stretch, managing principal of tax policy at Deloitte Tax. (Forbes)
A Trust Can Cut Uncle Sam's Bite Into Your Estate May 6, 2008
Otherwise, Marcia has to make a gift of the policy to the trust, which might incur a gift tax. But wait. (Investors Business Daily)
Business entities urged to file tax returns May 2, 2008
To further buttress his point, he cited the gift tax for instance and explained that under that law even beggars were supposed to pay tax because what they earned could be described as income. The Regional Minister stressed the need for people to pay their taxes for development and urged the IRS to broaden the tax base. (Ghana Web, Ghana)
Guest Column: Helping with college expenses Apr 22, 2008
Grandparents can make a one-time non-taxable gift of up to $60,000 for their grandchild s education as long as the grandparent makes an election on a gift tax return. A gift tax return should be filed for any gift to a 529 plan over $12,000, the annual exclusion amount ... Medicaid concerns For gift tax purposes, gifts to a 529 plan are considered completed gifts. (Saugus Advertiser, MA)
Ask an Attorney: Consider all the consequences Apr 4, 2008
Assuming that the value of the interest given to your daughter is worth more than 12,000 (the current annual gift tax exclusion amount) you will have to file a gift tax return to report the gift to the IRS.. In most instances, no tax will actually have to be paid at that time but the gift still has to be reported. (Green Valley News & Sun, AZ)
Family Finances: Jittery about the economy? Here's what to do Mar 28, 2008
You're allowed to give $12,000 annually per person per donee without filing a gift tax return. In addition, you may give another $1 million over your life without paying gift tax. (Pittsburgh Post-Gazette, PA)
Matt Krantz on stocks Mar 27, 2008
There may also be gift tax considerations. SEE WHAT THE IRS SAYS. (USA Today -- Money)
Ask Realty Times Mar 21, 2008
Can I quit claim a portion of the property to my sister without triggering a gift tax or increase in property tax ... Could you face a gift tax. (RealtyTimes)
The 'bonds' Of The Family Are Subject To Taxes Mar 9, 2008
THE 'BONDS' OF THE FAMILY ARE SUBJECT TO TAXES - New York Post. number of Series EE bonds from my mother. (New York Post -- Business)
It’s Tax Season Again: Plan Now For Changes Feb 22, 2008
Parents should note however that any loan repayments on behalf of their kids will count towards the estate and gift tax. Despite all the frustrations voiced by nearly everyone about the alternative minimum tax (the tax that you would pay if you were not allowed to use certain deductions such as state and local income taxes, real estate taxes, unreimbursed job-related expenses and medical expenses), the AMT is alive and well in 2007. (Queens Chronicle, NY)
Rebate checks in the mail by spring Feb 14, 2008
ern wrote on Feb 13, 2008 7:32 PM:" are we going to have to pay a gift tax on it....there has to be some kind of catch to it ". help us all wrote on Feb 13, 2008 6:51 PM:" A little too little and too late. We are in recession admit it! ". (The Pantagraph newspaper)
The Last Bush Tax Cut Jan 31, 2008
But watch out for gift tax limits; each parent can give $12,000 a year in stock (cash or other gifts) to each child. Give more in a year, and you'll use up some of your lifetime exemption from gift and estate taxes. (Forbes -- Business)
* EDITORIAL: Testing the KMT on economics Jan 14, 2008
These issues include tax incentives for local manufacturers, proposed cuts to the inheritance and gift tax, corporate income tax reform, banking reform measures (such as allowing poorly performing banks to exit the market, thus encouraging industry consolidation), as well as several China-related investment policies on banking, semiconductor manufacturing and transportation. Before the elections, Standard s Ratings Services published a report titled "Elections in 2008 offer Taiwan a way out of... (Taipei Times, Taiwan -- World)
* Economic reforms to be resubmitted Jan 14, 2008
Taipei Times - archives. Enter your search terms. (Taipei Times, Taiwan -- World)
Ron Paul: 'He's right for the country' Dec 31, 2007
Republicae wrote on Dec 30, 2007 5:06 PM:" AMC-Federal Reserve Chairman named Breadsley Ruml said that there are only three purposes for income tax, estate tax and the gift tax. They are not used to raise operation revenues or maintain the government. 1. Taxation for the Redistribution of the Wealth. 2. Control socio-economic relations in the country. 3. To prop up the use of fiat currency. That's it...its a ruse, a scam. The FED and the Government use taxation, but not to run the government.... (Sioux City Journal, IO)
Lawyer's Bid to Keep 'Gift' Above Legal Fees Rejected Dec 27, 2007
Cousins provided the court with a letter with an attached gift tax form he allegedly sent to his accountant in 2003 as well as a letter allegedly signed by Veneski stating his intention to make a gift to Cousins ... 7 million in gift taxes. (Law.com)
Act now on taxes to save later Dec 16, 2007
Instead, such gifts are free of any "gift tax.". The gift tax rules are somewhat obscure with the actual tax kicking in once you give away over 1 million during your lifetime. (North County Times)
Mutual Funds &Personal Finance Dec 15, 2007
That takes advantage of the 529-plan rule that permits people to put in an amount equal to five years' worth of the usual one-year gift tax exclusion. That one-year cap is now $12,000. (Investors Business Daily)
Time to lock up year-end savings Dec 13, 2007
"Other things people want to consider is the gift tax," she said. "You can give up to $12,000 per year per [individual] tax-free. We urge people in high net worth positions to use the annual exclusion to make gifts.". (Pittsburgh Post-Gazette, PA)
Smart ways to trim your year-end tax bill Dec 12, 2007
And if you have an older low-income parent you take care of, you may want to use this year's gift exclusion ($12,000 per person without worry of gift tax) to give them appreciated stocks and bonds instead of cash. Next year, they can sell those investments without paying capital gains. (MSNBC -- Business)
Huckabee candidacy fueled by stand on tax Dec 9, 2007
The Fair Tax proposal would abolish most federal taxes, including the personal income tax, Social Security taxes, corporate income taxes, the estate tax and the gift tax. The lost revenue would be replaced by a national retail sales tax of 23 percent -- or much more, depending on who's doing the figuring. (Pittsburgh Post-Gazette, PA)
* Hsieh shares `dream' of cutting income tax Nov 17, 2007
Hsieh has also said he will reduce inheritance tax and gift tax from 50 percent to less than 10 percent if elected. In addition, he has proposed an amnesty for overseas Taiwanese businesspeople who have violated caps on investment in China, inviting them to return and invest in Taiwan. (Taipei Times, Taiwan -- World)
Kathleen Pender: More kids' funds face higher tax rate Nov 16, 2007
An individual can give only $12,000 to another individual this year without incurring gift tax. And if you give money to children, it might hurt their chance of getting financial aid. (San Francisco Chronicle)
How much is too much? Nov 9, 2007
You could also forgive what's owed, but then that option leaves gift tax implications. " The IRS currently allows taxpayers to give as many people as they want up to $12,000 a year without paying a gift tax. Anything above that amount requires the donor to file a gift tax return. The gift tax is a flat 45 percent rate. "The situation can get messy when you have a child either not able or willing to pay," Ms. Kuehl said. "It creates a lot of disharmony in families. (Pittsburgh Post-Gazette, PA)
Managing Financial Ties to Your Kids Nov 7, 2007
The basic building block of funding grown kids is a cash gift, which isn't subject to federal gift tax as long as each parent gives no more than $12,000 per year to any child or other family member. Parents whose gifts exceed that amount don't have to pay the taxes on the surplus right away. (BusinessWeek)
Minor relief Nov 5, 2007
If I sell equity shares (all listed) gifted to me by my parents, will I have to pay gift tax or capital gains tax or income tax. These shares were bought over seven years ago. (Business Standard)
Borrowing from friends just got easier Oct 28, 2007
If the gift exceeds a certain amount, it may be subject to gift tax. Q: What s the disadvantage. (Scranton Times, PA)
PLANNING IN CRISIS MODE HAS ITS COSTS Oct 21, 2007
He also didn't tell her that because the cumulative value of the gifts totals more than $1 million, she will be required to pay an immediate gift tax to the IRS. ... Another important rule to remember about gifts is that under normal circumstances, a person may make a gift of up to $12,000 each in value to an unlimited number of non-spouse recipients without having to report it to the IRS. Gifts in excess of $12,000 per year to anyone other than a spouse must be reported on a gift tax return,... (Seacoast New Hampshire)
Taxman watching: Avoid gifts in cash Oct 9, 2007
In the initial period, taxes were collected from the donor under the Gift Tax Act, which was, however, repealed in 1998. Subsequently, while there were no explicit legislative provisions for taxing gifts, the tax authorities at their own discretion continued to scrutinise their genuineness, and in many cases, taxed such receipts in the hands of the recipient. (India Times)
FLPS can preserve A family legacY Oct 7, 2007
Since the sum of the parts is worth less than the whole, each donor may be able to give away more than the current $12,000 annual gift allowance without triggering gift tax consequences. The FLP provides income-tax planning opportunities. (Seacoast New Hampshire)
* Net tax revenues increase by 8.2% over last year Sep 12, 2007
7 billion and estate and gift taxes slid NT$2 ... 5 billion and estate and gift tax slid NT$800 million from last August, she said. (Taipei Times, Taiwan -- Business)
Home and land transfers Aug 29, 2007
Wednesday 29 August, 2007. To find transfers in other Northern Virginia counties, visit www. (Loudoun Times Mirror, VA)
'Giving while living' takes death out of the inheritance equation Aug 24, 2007
This is separate from the $12,000 that people can give, per person, per year, without triggering the gift tax. Example: If you give someone $13,000, only $1,000 counts against the lifetime exclusion. (USA Today -- Money)
Beastie Boys' MCA Skateboards (Virtually) With Tony Hawk; Plus New Game Soundtrack Revealed Aug 24, 2007
-- "All My Heroes Are Weirdos" Airbourne -- "Girls in Black" Angels & Airwaves -- "Secret Crowds" Anglo Jackson -- "Motorbike" At the Gates -- "Slaughter of the Soul" Bad Brains -- "Banned in DC" Beastie Boys -- "Electric Worm" Blackalicious -- "Your Move" Bloc Party -- "Version 2.0" Cursed -- "The Hands Will Abide" Cymande -- "Fug" Dag Nasty -- "Circles" Darkest Hour -- "Sanctuary" DJ JS-1 (featuring L.I.F.E. Long & Immortal Technique) -- "Audio Technician" El-P -- "Up All Night" Folk Implosion... (VHI.com -- Music News)
Tax breaks tallied: $184 million this year, $392 million next Jul 28, 2007
Among the tax breaks approved by the Legislature and signed by Blanco were income tax breaks for the working poor, theater productions and auto manufacturers; a repeal of the gift tax; and a tax break program for low-income families who enroll children in day care. The biggest tax break repealed a tax increase on middle- and upper class taxpayers included in the so-called Stelly Plan'' tax overhaul of 2002. (Leesville Daily Leader, LA)
* Inheritance, gift tax laws should be overhauled: MOF Jul 25, 2007
Inheritance, gift tax laws should be overhauled: MOF ... Inheritance and gift tax laws should be overhauled but must not be abolished in the interest of fair taxation, the Ministry of Finance (MOF) said yesterday during a public hearing on the issue ... Based on the suggestions submitted by the Cabinet's financial reform committee, the ministry has advocated reducing the maximum marginal rates of inheritance and gift taxes from 50 percent to 40 percent to match that of the income tax. (Taipei Times, Taiwan -- World)
Online Ad Attacks Udall As 'Boulder Liberal' Jul 19, 2007
To amend the Internal Revenue Code of 1986 to reduce individual income tax rates, to provide marriage penalty relief, to reduce taxes on savings and investments, to provide estate and gift tax relief, to provide incentives for education savings and health care, and for other purposes. Reality Check Continues. (CBS 4, CO)
Estate plan is needed when passing on valuable assets to heirs Jul 16, 2007
n Annual Gifting: Current law allows for an individual to gift $12,000 per year to another individual without filing a gift tax return ... A gift tax return would need to be filed and proper valuations would have to be established. (The Citizen's Voice, PA)
Special Report: Korea's 40 Richest Jul 13, 2007
The family subsequently paid $370 million as gift tax, setting a national record. A notable dropoff was Kim Tack-Jin, the founder of NCsoft, who fell off because of his online gaming outfit's faltering stock. (Forbes)
Maloney confirmed Jul 11, 2007
"Judge Neff graduated with honors from the University of Pittsburgh in 1967, then graduated from Wayne State University Law School in 1970.She has had a distinguished legal career. After law school, Judge Neff served as an estate and gift tax examiner for the Internal Revenue Service and then as a research attorney for the Michigan Court of Appeals.. (Dowagiac News, MI)
Capital gains account scheme Jul 1, 2007
How much amount can I gift her without paying any gift tax ... Similarly, there is no gift tax liability on you, the donor, since gift tax was abolished with effect from October 1, 1998 ... Gifting Rs 3 lakh apiece to your wife and minor daughter wont invite any gift tax. (Business Standard)
Legislative session ends with flurry of tax breaks Jun 29, 2007
Those include a repeal of the gift tax, a tax break for the working poor and a one-time tax break for homeowners with large property insurance increases. Blanco said she hadn't made any decisions about vetoes -- noting she couldn't even keep up with the total price tag for all the tax cuts approved by lawmakers. (WWLTV.com, LA)
Maya defends her money, says it's BSP's assets Jun 28, 2007
has this leader paid gift tax on the amount she has received from her numerous friends. have all the sources been identified. (Business Standard)
Get online, not in line, to pay tax Jun 24, 2007
Challan no. 282 is used for payment of miscellaneous taxes like gift tax , wealth tax, estate tax, expenditure tax etc. Challan no. 283 is used for payment of fringe benefits tax or banking cash transaction tax. (India Times, India)
College accounts are open to adults Jun 17, 2007
(Though this could trigger gift tax issues, depending on the account value. . (AZCentral -- Business)
How to save up for college the smart way Jun 16, 2007
The Uniform Transfer to Minors Act (UTMA) allows a parent to place up to $12,000 per year ($24,000 for a couple) in an account under the annual exclusion from federal gift tax, or an unlimited amount otherwise, of cash, stocks, mutual funds, real estate or other approved assets into a custodial account for the benefit of a child ... Anyone can fund anyone else's 529 plan to the tune of $12,000 in contributions per donor per year under the annual exclusion from federal gift tax, or more than... (Seacoast New Hampshire)
Enquirer founder's widow, son in tabloid feud Jun 10, 2007
In a counterclaim filed this spring, Paul Pope said the $20,000 monthly payments, paid over a 15-month period beginning in December 2004, were to be made only until Lois and Paul's advisers figured out a way to provide him with $1 million a year without Lois having to pay federal gift taxes ... "She didn't want to pay gift tax. She was adamant about that.". (Sun-Sentinel.com)
Businesses Benefit, Some Families Lose, Under New Tax Bill, CCH Says May 31, 2007
The $750 threshold for bad check penalties is increased to $1,250 and the $15 fee is increased to $25 for bounced checks payable to the IRS. The new law also expands preparer penalties to all types of tax returns, such as employment, excise, exempt organizations, estate and gift tax. It also raises the amounts of the penalties and expands the standard of conduct subject to penalty. (PR Newswire)
* Ministry of Finance mulls changes to inheritance tax law May 26, 2007
The amendment will also include proposals to decrease the inheritance and gift tax rates ... As an example, under the current law, if a father gives a house worth NT$6 million to his daughter, he would be levied a gift tax as the amount exceeds the exemption value of NT$1. (Taipei Times, Taiwan -- World Business)
Capital Gains Taxes Aren't Child's Play May 19, 2007
" Thanks to legislation enacted in 2003 there are currently two levels of long-term capital gains tax rates. Individuals who fall into the 10 percent or 15 percent tax bracket pay a maximum of 5 percent; for taxpayers in the 25 percent bracket or higher (such as you and your husband) the maximum rate is 15 percent. Important! Next year (2008), the long-term capital gain s tax rate falls to 0 percent for those in the two lowest brackets. More on this later. (Story continues below) Advertisements... (Fox News)
Bad advice from lawyer gifts painful for Mom, family May 6, 2007
While everyone is entitled to gift an amount equal to the annual exclusion each year -- this year and last year, the amount is $12,000 -- to as many persons as they choose without gift tax consequences, this does not mean that 1) making these gifts is a good idea, or 2) making these gifts won't affect other aspects of the donor's life. Here, with income of only $1,000 per month, we believe advice to an 82-year-old woman to give away her assets was wrong. (Pittsburgh Post-Gazette, PA)
All In The Family: Shifting Business To Your Children May 3, 2007
In the above example, mom and dad could give three shares to each kid per year without paying a gift tax ... Typically, a business appraisal written by a qualified professional must accompany the gift tax return ... "Given that combined federal and state gift tax rates can be more than 50%, and discounts can range from 30% to 50%, it doesn't take much of a business to more than offset these costs.". (Investors Business Daily)
Tax win for jailbird mayor's dad Apr 16, 2007
In his one-page ruling, Colvin decided there is "no deficiency in gift tax" or in taxes owed by George Ganim, who lives in Easton ... The case, which was in U.S. Tax Court in Washington, D.C., focused on claims by the IRS that the elder Ganim failed to report the money as a gift and owed $37,619 in gift taxes. (Newsday -- New York City)
The state of estate planning Apr 15, 2007
He has been retained by the Internal Revenue Service to provide continuing legal education programs to estate and gift tax attorneys ... Katzenstein is an adjunct professor at the Washington University School of Law where he has taught both estate and gift taxation and fiduciary income taxation. (St. Louis Business Journal, MO)
Juggling death, taxes is tough task Apr 10, 2007
A boom in trusts, which are meant to reduce or avoid the gift tax, has been one result of the fog. People once willing to whittle down their taxable estates by giving away money to friends and family now aren't so willing. (AZCentral -- Business)
Capital gains tax owed on 'gifted' home Apr 10, 2007
The tax basis in the house will be the same as your father's basis - increased by a proportional amount of any gift tax that he paid when he transferred the house to you ... The gift tax is allocated by multiplying the appreciation in the house at the date of the transfer (fair market value less your dad's basis) divided by the fair market value of the house on the date of the transfer multiplied by the gift tax paid. (Sunspot.net -- Business)
TODAY'S QUESTION: What are the tax ramifications of a "gift" transaction in real estate? Apr 9, 2007
One person can make a gift to one person of up to $12,000 per year in 2006 and not have to file a gift tax return ... Still, if you really made a gift of $62,000 cash, at least some of that would be required to be reported on a gift tax return. (USA Today -- Money)
Tax liability on estate settlements Apr 9, 2007
SCp: The tax basis that you and your sister will have in the house will be the same as your father's basis increased by a proportional amount of any gift tax that he paid when he transferred the house to you ... The gift tax is allocated by multiplying the appreciation in the house at the date of the transfer (fair market value less your dad's basis) divided by the fair market value of the house on the date of the transfer multiplied by the gift tax paid. (SunSpot.net)
A few tips on filing, deductions Apr 8, 2007
However, if you gave someone more than $12,000 in 2006, whether in cash or some other form, you may need to file a Federal Gift Tax Return. There is no longer a state gift tax in New York ... You would rarely pay any actual federal gift tax, unless your cumulative lifetime taxable gifts are over $1 million. (Albany Times Union)
- Shinsegae Pays Record Gift Tax Mar 30, 2007
The Korea Times : Shinsegae Pays Record Gift Tax. . (Korea Times, South Korea -- Business)
NCCE holds forum on taxation in Takoradi Mar 15, 2007
He said the gift tax was not imposed on gifts from one member of a family to another by will or intestate. Mr Berfi said gifts for religious purposes or for the best of the public did not attract tax. (Ghana Web, Ghana)
