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2017

Know the gift tax rules

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Gift games splitting 2017

Postby Nikosar В» 17.12.2018

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Advertiser partners include American Express, Chase, U. Bank, and Barclaycard, among others. Some people believe that when it comes to gifts, giving cash shows a lack of thoughtfulness. So why not give cash and let the recipient buy what they want? For most of us, gifts are a no-brainer: You give whatever you can afford and let your loved one enjoy it.

Leave it to the IRS to take a word that sounds perfectly simple and pleasant and give it a complicated definition. By that definition, gifts come into play in many situations. You might give money to a friend or family member to help them out. You might give someone a car, furniture, the use of your vacation home , or an interest in your business. You might even forgive a debt someone owes you. All of those could be considered a gift.

You can deduct gifts to charities if you itemize deductions. Gifts to individuals, however, are not deductible. Gift taxes, in all but the rarest of circumstances, are paid by the person who gives the gift. You can give any individual a gift up to the federal gift tax exclusion amount without having to file a gift tax return to report the gift.

The exclusion applies per person, not to the total of gifts given. What if you want to give away more? However, you might not have to pay tax on your gift at all, thanks to something known as the lifetime exemption. Gift givers can subtract gifts greater than the annual exclusion amount from their lifetime exemption amount without having to pay taxes on it. However, there are several exceptions and special rules for calculating the tax, so check out the Instructions for Form for more details on calculating your gift tax.

Keep in mind that tapping your lifetime exemption reduces the amount that can be excluded from your federal estate tax when you die. The Instructions for Form detail these exceptions:. Gift givers must base their numbers on fair market value. If you gift property, you must get an appraisal to determine the current value. You should also provide the recipient with your cost basis. In the case of stock, your basis is the cost of the stock when you bought it, minus any brokerage fees , plus any dividends reinvested over the years.

For property, your basis is the amount you paid for the property, plus improvements made to the property, minus depreciation if any. Gifts of property received on the death of the donor get a stepped-up basis to fair market value on the date of death. The rules are still complicated, though. And be sure to keep good records of all gifts and gift tax returns you file so that you can keep track of how much of your lifetime exemption you have remaining.

Have you ever given or received a gift greater than the annual exclusion amount? Do you plan on using gifts to help friends and family or reduce your exposure to estate taxes?

All Rights Reserved. Money Crashers. About Money Crashers. Recent Stories. Read more. Advertiser Disclosure X Advertiser Disclosure: The credit card and banking offers that appear on this site are from credit card companies and banks from which MoneyCrashers. Date January 18, Janet Berry-Johnson. Views Shares Share This Article. Join Our Facebook Group.

Dig Deeper. Follow MoneyCrashers. Trending Articles. Kalen Smith. Become a Money Crasher! Join our community. Share this Article. Understanding the Gift Tax Gift taxes, in all but the rarest of circumstances, are paid by the person who gives the gift. The Lifetime Exemption Gift givers can subtract gifts greater than the annual exclusion amount from their lifetime exemption amount without having to pay taxes on it.

The Instructions for Form detail these exceptions: Education. There is one catch: You must both be American citizens. The yearly limit for gifts to a spouse who is not a U. You may donate to political organizations without paying any taxes.

Before leaving the accounting world to focus on freelance writing, she specialized in income tax consulting and compliance for individuals and small businesses. She lives in Omaha, Nebraska with her husband and son and their rescue dog, Dexter.

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Christmas Gift Exchange 2017 - SeeJayAre & Gamer Alley, time: 11:33
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Re: gift games splitting 2017

Postby Faem В» 17.12.2018

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Re: gift games splitting 2017

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Re: gift games splitting 2017

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Re: gift games splitting 2017

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Re: gift games splitting 2017

Postby Galkis В» 17.12.2018

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Re: gift games splitting 2017

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Re: gift games splitting 2017

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Re: gift games splitting 2017

Postby Teramar В» 17.12.2018

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