Gifting

Feeling generous at year end? Strategies for donating to charity or gifting to loved ones

Assets, Charitable, Deductions, IRA, Itemized Deduction, Qualified Charitable Distribution (QCD), Securities, Tax Return / Douglas Freeman

As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved in these transactions. Donating to charity. Normally, if you take the standard deduction and don’t itemize, you can’t claim a deduction for charitable contributions. But […]

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Consider all the tax consequences before making gifts to loved ones

Estate Tax, Federal Income Tax, Gift Tax, Income Tax, Individual Income Tax, Tax Cuts and Job Acts (TCJA), Tax Planning / Douglas Freeman

Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, be aware that which assets you give can produce substantially different tax consequences. Multiple

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