ESTATE PLANNING: Have You Done Your Tax Planning? Nov 7, 2009
Interest in the FLP may be gifted to easily take advantage of the annual gift tax exemption. The Grantor Retained Annuity Trust (GRAT) is great for minimizing the gift tax ... Any left-over assets are then donated to the donor's children without gift tax. (Missourian Publishing, MO)
* Business Quick Take Oct 25, 2009
In addition, proceeds from policies in which the policy holder and beneficiary were not the same person would be subject to a 10 percent gift tax on benefits of more than NT$2. 2 million (US$67,900). (Taipei Times, Taiwan -- Sports)
Info: Mortgage Options Oct 14, 2009
First, the child named on the title or deed could face a gift tax because suddenly the property is half his or hers. Second, the child could be liable for property taxes, liens or lawsuits filed against the property. (Click2Houston, TX)
Gift tax norms to affect donor, donee Oct 11, 2009
Change in gift tax norms will affect both donor, donee- Property-The Sunday ET-Features-The Economic Times ... Change in gift tax norms will affect both donor, donee11 Oct 2009, 0327 hrs IST, E Jayashree Kurup & Neha Dewan, ET Bureau ... The change in gift tax norms (Section 56) now mandates that property gifted to non-family members is subject to taxation and the value of the property computed at fixed circle rates becomes income for the year, on which income tax has to be paid. (India Times)
* Loopholes are hurting national tax collection Oct 7, 2009
Since property and debt balance each other out, the buyer will not have to pay a single dollar in gift tax. In addition, if the children sell the property before the assessed present value is raised, they will not have to pay any incremental land taxes and can thus easily inherit hundreds of millions of NT dollars. (Taipei Times, Taiwan -- World)
Giving Money to Your Adult Children? Use it as an Introduction to Investing Sep 30, 2009
For the benefit of other readers, there's no gift tax on a gift of $5,000. In fact, you can actually give anyone up to $13,000 per year without triggering gift taxes, as can your spouse. (Townhall.com)
Recession could be beneficial family-owned businesses Sep 17, 2009
Legally, individuals every year can transfer up to $13,000 each to an unlimited number of other people without paying a gift tax ... Chief Manager Vic Alexander said the recession has given many individuals and couples the opportunity to transfer a large amount of assets to their children without being impacted by the gift tax. (Nashville Business Journal, TN)
Some bills by Georgia legislators on road to nowhere Sep 7, 2009
John Lewis would create a Religious Freedom Peace Tax Fund, allowing peace-loving taxpayers who get a special conscientious objector exemption from the IRS to stipulate that their income taxes and estate and gift tax payments can t be used for war. Proposed legislation from Republican U.S. Rep. (Atlanta Journal-Constitution -- Metro)
Remember the socialist origins of Labor Day! Sep 5, 2009
The news media have largely ignored official favors to those who are supposed to pay the corporate income tax, the estate tax, and the gift tax. Millions of families expecting tax cuts are losing some or all of them to a stealth tax that was originally enacted only to apply to the tax-avoiding rich, but that now stings single mothers making as little as $28,000. (Atlanta Journal-Constitution -- Opinion)
* More money is flowing back to Taiwan: Schive Aug 28, 2009
Lawmakers in January cut the inheritance and gift tax rate to 10 percent from as high as 50 percent ... The reduced inheritance and gift taxes are encouraging people to pour more money into the stock market as the rich repatriate or keep their money in Taiwan, Finance Minister Lee Sush-der (zw) told reporters in Taipei on May 27. (Taipei Times, Taiwan -- World Business)
Making Sense of the Gift Tax Aug 27, 2009
Dear Debbie: Just about everything having to do with gift taxes is confusing for a lot of people, so thanks for asking the question ... To answer your question directly, this exclusion is per donor, and it basically means that an individual can give away up to $1 million in the course of his or her lifetime without having to pay gift taxes ... Currently, an individual can give up to $13,000 a year to anyone -- and to an unlimited number of people -- without incurring gift taxes. (Townhall.com)
New tax code needs a different approach: Swaminathan Aiyar Aug 19, 2009
For the same reason, many countries levy gift tax: this too yields little revenue but checks evasion. This, then, is a sound reason for levying capital gains tax in India. (India Times)
Stock questions? Ask Matt Aug 10, 2009
However, your father could avoid gift tax on the $125,000 by claiming $112,000 of his $1 million lifetime gift tax exclusion, Gilfix says. He would need to file a 709 gift tax return with the IRS.. (USA Today -- Money)
Ask an Attorney: Pay attention to how your assets are titled Jul 29, 2009
These people simply have to keep in mind that in doing so, they are making a gift to the people named in the decedent s Will and that there might be gift tax consequences, depending upon the amount of money that is being given to the decedent s beneficiaries. An asset also must not have a beneficiary designation (unless the named beneficiary is your estate) in order to be transferred by your Will. (Green Valley News & Sun, AZ)
* Trade groups slam new insurance tax Jul 25, 2009
Taipei Times - archives. Enter your search terms. (Taipei Times, Taiwan -- Sports)
Recession is a great time to consider your heirs Jul 22, 2009
Legally, individuals can transfer up to $13,000 a year each to an unlimited number of other people without paying a gift tax. On top of that, there s a $1 million lifetime exemption for gifts exceeding the annual limit. (San Francisco Business Times, CA)
Everybody has to pay for the common area Jul 21, 2009
I assume the property is worth more than $26,000, so there are gift tax complications, and you must consult with your financial adviser on this. (I picked $26,000 because you can give up to $13,000 on a yearly basis to anyone. (San Francisco Chronicle -- Business)
Business People Jul 20, 2009
Cauthen practices in the areas of estate planning, trust administration, probate, estate tax and gift tax matters. Barnes to head Kaiser Permanente in San Diego County. (North County Times)
Wealth and gift tax Jul 20, 2009
LISA MARY THOMSON, ET BUREAU. Ever thought of refusing a really expensive gift from a friend. (India Times)
Senator paid $96k to mistress's family... Jul 10, 2009
Ensign paid $96,000 "gift" to Hamptons - Glenn Thrush - POLITICO.com (The Drudge Report)
Massachusetts AG Challenges Defense of Marriage Act Jul 9, 2009
According to , DOMA bars same-sex married couples from tapping into a range of federal benefits and privileges, including filing joint federal tax returns; collecting Social Security survivor benefits; getting federally mandated work leave to care for sick spouses; using flexible spending accounts to pay spouse's medical expenses; and taking advantage of federal gift tax and estate tax exemptions for spouses. The lawsuit seeks an order barring the federal government from enforcing Section 3 of... (Law.com)
AG goes after federal law defining marriage as between man and woman Jul 9, 2009
Among other things, DOMA prohibits married individuals in same-sex relationships from taking advantage of the ability to file a joint federal tax return, Social Security survivor benefits, guaranteed leave from work to care for sick spouses, flexible spending accounts for medical expenses of spouses, and gift tax and estate tax exemptions for spouses. It also contends that Section 3 of DOMA unlawfully requires Massachusetts to disregard valid marriages in its implementation of federally funded... (Woburn Advocate, MA)
Tips for Parents Buying Homes for Children Jul 7, 2009
Individuals are allowed to gift up to $13,000 per person in a given year without incurring gift tax. That means a couple could give their offspring and spouse $52,000 in a single year to go toward a down payment. (Realtor Magazine Online)
Japanese Stocks Advance, Snap 2-Day Slip, on Green Technology Speculation Jun 17, 2009
We believe the expanded gift tax exemption expected to be enacted this month will boost orders for homebuilders as well as housing starts, Morgan Stanley analyst wrote in a report dated yesterday. DA Office jumped 15 percent to 226,900 yen, the steepest climb in six months. (Bloomberg -- Japan)
* Finance minister defends tax cut plan May 14, 2009
The inheritance and gift tax reform is expected to take away another NT$19. 2 billion, while the five-year tax preference for the manufacturing industry is expected to cost NT$11. (Taipei Times, Taiwan -- Business)
Tax break for interest-free loan May 12, 2009
Section 56 (2)(v) was introduced to fill up the vacuum created by the abolition of the Gift Tax Act in 1997, which was donor-based, meaning the giver of a gift was taxed. After the abolition, both donor and donee were exempt from paying tax, which led to several non-genuine gifts being introduced from non-relatives on a large scale. (India Times)
Conrad: Always a deficit hawk May 9, 2009
Casual Sophist wrote on May 8, 2009 12:29 PM:" In comparing the years from 2010 to 2019, which are the years provided in the full FY2010 federal budget submission, the following facts emerge: Receipts are projected to increase by 86.77% Outlays will increase by 45.24% GDP is projected to increase by 55.19% Defense spending will increase by 2.58% Individual income tax will increase by 102.83% Corporation income tax will increase by 145.05% Estate and gift tax will increase by 90% Deficit is... (Bismarck Tribune, ND)
Aso May Unveil $154 Billion Stimulus Plan Today to Revive Nation's Economy Apr 10, 2009
Aso Set to Unveil 15. 4 Trillion Yen Japan Stimulus Plan Today - Bloomberg. (Bloomberg -- Japan)
America on her knees Apr 6, 2009
"http://www.heritage.org/index/Country/DenmarkThe tax rate you posted is from an article in 2007. The economic freedom index is from 2009 and as quoted above states the top income tax rate is 59%.http://www.taxindenmark.com/article.31.htmlIncome Tax in Denmark 2009Personal relief (over 18 yrs.) DKK 41,000Employment relief 4.25 %, maximum DKK 13,600Average county and municipal tax 32.577 %Bottom-bracket tax 5.04 %Middle-bracket tax 6.0 %Bottom limit for middle-bracket tax DKK 272,600Top-bracket... (Logan Herald Journal, UT)
Form 4868 Individual Income Tax Ret... Apr 4, 2009
Form 709, commonly known as the gift tax return, is also extended upon filing Form 4868. Where to Download Form 4868 from irs. (Suite101.com)
From the Desk of Santa Acosta Mar 26, 2009
This cleans up and simplifies vehicle registration fees but it does end with changing the "Gift Tax" up to 50. 00 instead of the 10. (Fort Stockton Pioneer, TX)
SUBVERSE: Work for gormint Mar 21, 2009
Because to give it away you'd have to pay gift tax. If you go to a movie to forget about taxes, you have to pay entertainment tax. (India Times, India)
* Premier calls for efforts to bolster GDP Feb 26, 2009
But Chinese Nationalist Party (KMT) Legislator Lo Shu-lei (Q) of the legislatures Finance Committee said it would be meaningless for the government to levy a luxury tax for rich people because it had previously lowered the inheritance and gift tax from a maximum of 50 percent to 10 percent X a policy considered by many to be tailor-made for the wealthy. KMT Legislator Chang Sho-wen (i) said the ministry should think twice before finalizing the policy as it might discourage... (Taipei Times, Taiwan -- Business)
Madoff List: A Who's Who of Whom to Sue Feb 23, 2009
What was the objective of the GRAT: discounting the gift tax upon transfer and/or appreciating the asset out of the estate. If so, was the GRAT the only such tool available. (Yahoo News -- Press Releases)
Letters to the editor (Feb. 13) Feb 16, 2009
Tom Johnston wrote on Feb 13, 2009 7:39 AM:" I am at a complete loss as to how you get Government out of marriage. I honestly don't get it. How is a marriage license different from a driving license? It is an agreement between a person (in the case of marriage, two people) and their government. Nothing more, nothing less.How does someone who is married advocate that you get government out of Marriage? Do you not submit your tax forms as "Married filing jointly". You realize you get a different... (Corvallis Gazette Times, OR)
Letters to the editor (Feb. 13) (47) Feb 14, 2009
A marriage license allows you rights to Social Security benefits, automatic inheritance rights, child support rights, spousal veteran benefits, wrongful death benefits for surviving spouse and children, medicare benefits, automatic rights for medical decisions on behalf of your spouse, joint adoption rights, estate and gift tax benefits, public assistance benefits, right to decline after death examination of spouse, ability to claim marital communications privilege in court, the right to take... (Corvallis Gazette Times, OR)
