Gift and Estate Tax

There’s currently a “stepped-up basis” if you inherit property — but will it last?

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, …

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Why it’s important to plan for income taxes as part of your estate plan

Estate Planning, Estate Tax, Federal Income Tax, Gift and Estate Tax, Individual Income Tax, Internal Revenue Service (IRS) / By Douglas Freeman

As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted …

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The 2019 gift tax return deadline is coming up

2019 Tax Return, Gift and Estate Tax, Gift Tax / By Douglas Freeman

If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2019 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who must file? Generally, you must file …

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Take advantage of the gift tax exclusion rules

Federal Gift Tax, Gift and Estate Tax, Gift Tax, Gifts, Securities, Tax Planning, Tax Savings / By Douglas Freeman

As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes to their children and others each year through the use of the annual federal gift tax exclusion. The amount is adjusted for inflation annually. For …

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The 2018 gift tax return deadline is almost here

2018 Tax Return, 529 Saving Plan, Charitable, Federal Gift Tax, Gift and Estate Tax, Gift Tax, Gifts, Income Tax, Individual Income Tax, Internal Revenue Service, Tax, Tax Planning / By Douglas Freeman

Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would be beneficial even if it isn’t required. Filing requirements. Generally, you must file a gift tax return for 2018 …

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A review of significant TCJA provisions impacting individual taxpayers

529 Saving Plan, Exemptions, Gift and Estate Tax, Income Tax, Individual Income Tax, Internal Revenue Service, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Savings / By Douglas Freeman

Now that 2019 has begun, there isn’t too much you can do to reduce your 2018 income tax liability. But it’s smart to begin preparing for filing your 2018 return. Because the Tax Cuts and Jobs Act (TCJA), which was signed into law at the end of 2017, likely will have a major impact on …

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