Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Jose Luis Pelaez Inc / Getty Images The term gift splitting refers to an estate planning ...

Fewer taxpayers are subject to gift taxes thanks to a $12,920,000.00 lifetime gift tax exemption for 2023. Because many taxpayers do not fall under the exemption amount, they do not necessarily have ...

In Private Letter Ruling 201523003 (released June 5, 2015), the Internal Revenue Service examined the effect of gift splitting under Internal Revenue Code Section 2513 and the application of the ...

Gift tax can apply when you give money or other assets to someone else. As the gift-giver, you're responsible for paying any tax due. The IRS allows you to make financial gifts up to a certain ...

Gift tax can apply when you give money or other assets to someone else. As the gift-giver, you’re responsible for paying any tax due. The IRS allows you to make financial gifts up to a certain ...

Image source: asenal29, Wikimedia Commons. Most people give gifts all the time without even thinking about the potential tax ramifications. Yet technically, whenever you give something to someone, you ...

THE 2001 ACT DID NOT ELIMINATE THE GIFT TAX. That means CPAs and their clients still face compliance issues when preparing and filing Form 709, United States Gift (and Generation-Skipping Transfer) ...

In PLR 201811002 the IRS has ruled that gift splitting works differently when applied to Gift taxes and Generation Skipping Transfer (GST) taxes. Gift splitting is authorized by IRC Section 2513(a)(1) ...

Most people give gifts all the time without even thinking about the potential tax ramifications. Yet technically, whenever you give something to someone, you have to follow the gift-tax rules.