Gift Tax
This first part of the annual update covers trust and gift tax issues, including regulations explaining deductions permitted for trusts and estates after the TCJA eliminated miscellaneous itemized deductions for individuals.
The IRS postponed the payment and return filing requirements for gift and generation-skipping transfer taxes due April 15 to July 15, matching prior postponements granted to federal income taxes and returns.
Taxpayers can obtain unique benefits when it comes to gift and estate tax planning by using trusts and taking advantage of applicable valuation conventions.
The IRS issued final regulations that reconcile the current higher exclusion for the estate and gift tax unified credit amount in effect under the TCJA with the lower unified credit scheduled to go into effect in 2026.
The IRS issued final regulations that reconcile the current higher exclusion for the estate and gift tax unified credit amount in effect under the law known as the Tax Cuts and Jobs Act with the lower unified credit, which is scheduled to go into effect in 2026, eliminating a possible future clawback of the higher exclusion amount.
This second part of a two-part article covers court cases, proposed regulations, and other IRS guidance issued over the last year on gifts and estates.
Allowable charitable contribution deductions and control over donated funds are key factors for taxpayers to weigh when considering alternatives to private foundations.
The IRS addressed issues and made conforming revisions arising from the temporary increase in basic exclusion amount for estate and gift tax enacted by legislation known as the Tax Cuts and Jobs Act.
The IRS addressed issues and made conforming revisions arising from the temporary increase in basic exclusion amount for estate and gift tax enacted by legislation known as the Tax Cuts and Jobs Act.
This first of a two-part article discusses legislative,
gift, and estate tax developments.
This first of a two-part article discusses gift and estate tax developments.
This article discusses the rules governing the
effects of lapses and restrictions on voting or liquidation rights of owners on the valuation of
family-held entities.
This item explores what happens if the residence is sold during the QPRT term.
The IRS provided the procedures same-sex married couples should use to recalculate the transfer-tax
treatment for property transferred to spouses.
The IRS spelled out the procedures same-sex married couples should use to recalculate the transfer-tax treatment for property transferred to spouses before the U.S. Supreme Court invalidated Section 3 of the Defense of Marriage Act.
This is the first in a two-part series examining developments in estate, gift, and generation-skipping transfer tax and trust income tax. Part 1 discusses legislative and gift and estate tax developments.
The end of a QPRT’s initial trust term brings with it many potential issues.
If the general partner has unfettered discretion to make or withhold distributions, any gift of an interest in the partnership may be treated as a gift of a future interest not qualifying for the annual gift tax exclusion.
The Tax Court held that a transfer for adequate consideration was not a gift
Taxpayers who receive gifts or bequests from individuals who gave up U.S. citizenship or residency will be subject to tax under proposed rules.
