Gift Tax Archives - John R. Dundon II, Enrolled Agent

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Gift Tax

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28 Apr IRS proposed Regulations on Basic Exclusion Amount for Estate and Gift Taxes

Posted at 19:23h in Estate Tax, Gift Tax

IRS proposed Regulations on Basic Exclusion Amount for Estate and Gift Taxes. TheTax Cuts and Jobs Actincreased the basic exclusion amount (BEA) used to compute federal estate and gift taxes. For decedents dying and gifts made after Dec. 31, 2017, and before Jan. 1, 2026, the...

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29 Jun The Significance of Stepped Up Basis in Estate Planning IRC 1014

Posted at 00:00h in Stepped Up Basis, Basis, Cost Basis, Death, Estate Tax, Generation Skipping Transfer Tax, Gift Tax, Tax planning, Trusts

According toInternal Revenue Code Section 1014the basis of property acquired from a decedent is the fair market value of the property at the date of the decedent's death. In an environment of inflating asset prices this usually means that the beneficiary experiences stepped up basis...

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13 Jun Is THAT Gift Taxable – IRS Form 709

Posted at 00:00h in Gift Tax

Overcome Tax Adversity...

01 Dec USA Expatriation, Experience Matters -Treasury Reg. 1.409A, Internal Revenue Code 877A, 2801 & IRS Forms 8854, W-8CE

Posted at 00:00h in Expatriation, FBAR, Foreign Income, Generation Skipping Transfer Tax, Gift Tax, Medicare, Offshore account, Social Security, Social Security Tax, Tax Guidance & Preparation

Call me naive but the immigration "problem" in the USA is rooted in the fact that the country offers the absolute best Social Security and Medicare systems on the planet. It is remarkable that millions of people, mostly good people in all other regards, are...

31 Oct Why is Halloween So Scary – 2015 Tax Planning Will Be Hugely Complicated and Profoundly Significant for most ALL Taxpayers

Posted at 00:00h in Gift Tax, Health Insurance, ObamaCare, Paying Taxes, Tax Guidance & Preparation

Once again another year is almost behind us and right after the new year income taxes are coming. The forthcoming tax environment is extraordinarilyunusual and can subsequently be very scary. Basically what you need to know is that ALL Americans will be seeing changes on...

28 Jul Basic Steps to Avoiding Probate

Posted at 00:00h in Estate Tax, Generation Skipping Transfer Tax, Gift Tax, Probate

As many of you know that follow this blog my father recently passed away and I've been called upon to settle his financial affairs. My biggest fear is probateand after studying the tax code I have grown to be of the opinion thatit is best...

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13 Aug What $$ IS Taxable: IRS Publication 525

Posted at 00:00h in Barter, Gift Tax, Income, Tax Fraud, Tax Guidance & Preparation, Tax Problems & Requests, Tax Records, Taxable Income

I've been engaged in a running dialog with extraordinary nuances as to whether a loosely organized group of people are or are not fully recognizing taxable revenue from engagement in barter transactions with each other. The nuances inside this topic ranged from record keeping (as...

22 Mar Acquisition Debt and Divorce

Posted at 00:00h in Basis, Debt, Family, Gift Tax, Home Office, Marriage, Tax Guidance & Preparation

Generally speaking IRS regulations provide that debt incurred to acquire the interest of aspouse or former spouse in a residence,incident to divorce or legal separation, may be treated as acquisitionindebtedness under IRC Sec. 163 (mortgageinterest deductions) without regard to thetreatment of the transaction under IRC...

22 Dec Is My Charity Legitimate with the IRS

Posted at 00:00h in Charitable Contribution, Gift Tax, Taxable Income

Now is a GREAT TIME OF YEAR TO MAKE A CHARITABLE DONATION if you are so fortunate. When you make a donation to a charity you may be able to take a deduction for it on your tax return as long as you secure the...

14 Nov Surviving Spouse Estate & Gift Tax Exclusion

Posted at 00:00h in Estate Tax, Gift Tax, Tax Deductible Expenses, Tax Filing Status, Tax Guidance & Preparation, Tax Problems & Requests, Trusts

IRS Notice 2011-82 makes available the ability for taxpayers topass along their unused estate & gift tax exclusion amounts to their surviving spouse if an estate tax return is filed. This new portability election allows estates of married taxpayers to pass along the unused part...