gift tax

an image of a gift, then block letters that spell out "tax" directly after

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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a sticky note with "GIFT TAXES" written on it

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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