One more holiday chore
Yes, there is a lot to do in December. Don’t leave gifting to the last minute - get it done now to insure your gift happens in this calendar year.
If you are gifting cash, remember the $12,000 exclusion limit. You can gift more than $12,000 but must fill out a gift [...]
Gifting and the IRS - Misconceptions
After years of incorrect understanding of gift taxes, today I did some research online and found a few interesting misconceptions and their correction. The definitive source online is the IRS site, with the relevant page located at:
IRS Gift and Estate Tax Overview
Misconception #1: The recipient of gifts over the exclusion limit ($12,000 per [...]
Assets Values Depressed? Good News for Gifting.
Right now a lot of us are depressed, or at least our portfolios are. That’s not all bad news. Because some of our assets are reduced in value, we can gift more to our heirs this year without penalty. This is a great time to gift stocks to your heirs, removing them from your estate [...]