Are Father’s Day Gifts Taxable?
Federal tax rules require individuals to report taxable gifts made during the year on a Form 709 Gift Tax Return. So, does a fathers day gift count under this rule?
What is the Generation Skipping Tax (GST) – Basic Introduction
U.S. persons that make gifts must be mindful of the federal gift taxes and generation skipping tax. This article discusses the basics of GST.
2021 Gift Tax Exclusions – How Much Can You Give Away?
The IRS has recently updated the 2021 gift tax exclusion amounts. This article and video cover those 2021 exclusions and how much you can give away without having to file Form 709 gift tax return.
IRS Form 56 – Notice of Fiduciary Relationship
The IRS Form 56 is filed by a trustee or a fiduciary when they need to notify the IRS that a fiduciary relationship has been created.
Who Pays Gift Taxes – Introduction to IRS Form 709 Reporting
The U.S. tax code requires taxpayers to disclose gifts which exceed the relevant threshold for the tax year. The Form 709 is used to disclose any reportable gifts during the year.