IRS GIFT TAX RULES

♠ Posted by Marc J. Soss in 2017 federal gift tax exemption,estate planning,Estate planning attorney,Federal Estate Tax,Federal tax law changes,florida estate plan,IRS Form 709,IRS Gift Tax Return,IRS statute of limitations

Under the Internal Revenue Service (IRS) rules, the service has a three (3) year statute of limitations after the filing of IRS Form 709 to assess gift taxes on a gift, so long as the gift is adequately disclosed on the return. If a gift is not disclosed on Form 709, the statute of limitations does not begin to run on that gift. Form 709 requires the disclosures of prior gifts, so that the tax on the current gifts can be properly calculated (since prior gifts can impact the rate of tax and available unified credit applicable to the current year computations). The question has arisen as to what...

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WHAT TRUMP'S FEDERAL INCOME TAX PLAN MAY LOOK LIKE

♠ Posted by Marc J. Soss in 2017 federal estate tax exemption,ESTATE TAX ELIMINATION,Federal Estate Tax,federal income tax return,Federal tax law changes,florida estate planning,Trump Tax Plan

Most individuals expect significant changes to the US Tax Code once President (elect) Trump takes office. High on his agenda are the following: INDIVIDUALS: Cut the number of individual income tax brackets (from 6 to 3) and bring income tax rates down to 12%, 25% and 33% - that would benefit everyone who works across the board. Elimination of the 3.8% Obamacare tax - if Obama Care goes away this extra tax on the wealthy will go away with it. Tax carried interest gains as ordinary income. Retain 20% capital gains rate for non-corporations. Increase the standard deduction for joint filers to...

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2017 FEDERAL INCOME TAX FIGURES

♠ Posted by Marc J. Soss in 2017 federal estate tax exemption,2017 federal gift tax exemption,2017 Federal Income Tax figures,estate taxes,federal income tax return,Federal tax law changes,florida tax lawyer

Standard deduction - married filing jointly = $12,700 Standard deduction - single persons = $6,350 Standard deduction for a dependent = $1,050 Overall Limitation on itemized deductions (Section 68(b)) = $313,800 (Married person) Personal exemption = $4,050 Unified credit against estate tax and gift tax = $5,490,000 Gift tax annual exclusion = $14,000 (no change) Gift tax annual exclusion for gifts to noncitizen spouse = $149,0...

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