The holiday season is upon us. The malls are beginning to pack and the word "Sale!" seems to be popping up everywhere. With all this gift-giving, a lot of us don't stop to thinking about how the gifts we give & receive may affect our taxes.
Now, little things like CDs and clothes have no value. But bigger gifts, like cars, vacations, and real estate do.
Death & Taxes has a good series on gift tax up.
It's 4 parts:
Intro: What Is Considered a Taxable Gift
Credits and Exclusions
The "Unified" Credit: You can give up to $1 million in your life without having to pay tax.
Conclusion: When To Hire a Professional to Arbitrate the Giving
Further Reading:
Taxable Income & Gifts: Part 1
Taxable Income & Gifts: Part 2
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Courtoons THE BOOK is here!
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