The Tax Preparation Blog

Question: What rules govern monetary gifts to adult children?

I would like to give some money to my adult children. I will NOT have a taxable estate at the time of my death, Does gift tax still apply to amounts over $10,000? Does income tax apply?

Answer: You can give more than the minimum as long as you fill out the form for the IRS which credits this amount to your eventual “total estate”..

Charitable Giving Law Made Easy $19.99 This authoritative guide presents in-depth discussions on such hot topics as the timing of charitable deductions, estate and gift tax considerations, special property rules, and planned giving. Packed with practical tips and hard-to-find advice, Charitable Giving Law Made Easy sheds light on complex legal issues concerning charitable giving with plain-language explanations of laws and regulations …

Federal Income Taxes of Decedents, Estates and Trusts (23rd Edition) $58.00 Taxpayers die, but liability for their unpaid taxes remains. Someone must compute tax liability for the deceased taxpayer, file the decedent’s final income tax return, and pay the taxes (or claim refunds) due. At the death of the decedent, a separate taxable entity–the decedent’s estate–is created. The estate is liable for the tax on the income received during the period of its administration….

Shifting income among family members.: An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on March 1, 1992. The length of the article is 1501 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.From the supplier: Ta…

Personal Finance: Prince looking like more of a pauper

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Myth #1: There’s income tax on a gift over 13K

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