gift tax
Estate and Gift Tax Planning and the TCJA
It is somewhat unusual to highlight 2026 taxes in 2024, but we are in an unusual situation: Many of the provisions in the 2017 Tax Cuts and Jobs Act (TCJA) will expire at the end of 2025 unless Congress acts to extend them. Taxpayers need to be aware of how they will be affected so they can […]
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Gift and Estate Tax Exemption Amounts Increase in 2024
The IRS officially announced the inflation adjustments for 2024 for the gift and estate tax exemptions. The estate and gift tax exemption represents the amount an individual can transfer during life or at death to beneficiaries without paying any estate or gift tax. The generation-skipping transfer tax exemption is the amount that can pass directly or indirectly to grandchildren or […]
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Gift Taxes When Transferring a House in an Estate
Your home or vacation home may be one of your most valuable assets. If you think you may face a gift tax issue, you may want a qualified personal residence trust (QPRT) —a type of irrevocable trust that can remove a house from an estate to reduce gift taxes when transferring it. Here’s how it works: The […]
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