Fewer taxpayers are subject to gift taxes thanks to a $12,920,000.00 lifetime gift tax exemption for 2023. Because many taxpayers do not fall under the exemption amount, they do not necessarily have ...

Most people give gifts all the time without even thinking about the potential tax ramifications. Yet technically, whenever you give something to someone, you have to follow the gift-tax rules.

Thinking about giving money or assets to loved ones? Whether it’s a generous graduation gift, help with a down payment or ...

Most taxpayers, from individuals to married couples, are unfamiliar with the concept of the gift tax. The government assesses this tax on certain transfers of money or other assets from one person to ...

Gift tax can apply when you give money or other assets to someone else. As the gift-giver, you’re responsible for paying any tax due. The IRS allows you to make financial gifts up to a certain ...

A $1 million gift from a generous European grandmother to her doting U.S. grandson could result in a fine of $250,000 if they are not careful. Gifting sounds nice in theory, but it can be complicated ...