IRS article on 8 tips to determine if your gift is taxable
http://www.irs.gov/newsroom/article/0,,id=256009,00.html
Category Archives: Tax Planning
Chart of current and historical estate tax exemptions, gift tax exemptions, and GST exemptions
2010 2011 2012 2013 Estate Tax Exemption amount * $5.0 million * $5.0 million * $5,120,000 * $1.0 million *See note below ** Tax rate Flat (35%) Flat (35%) Flat (35%) Progressive (up to 55%) Elections Can elect out of estate tax, but §1022 carryover basis will apply ($1.3 million “free-basis” + $3.0 million … Continue reading Chart of current and historical estate tax exemptions, gift tax exemptions, and GST exemptions
IRS Extends Deadline for Estates to File Estate Tax Return to Make Portability Election Benefiting Surviving Spouses
See http://www.irs.gov/newsroom/article/0,,id=254522,00.html
$5M estate tax exemption proposed under President Obama’s 2013 budget
Estate tax free amount to be $5M under President Obama’s 2013 budget, contrasted with the Republican’s proposed repeal of estate tax. (See post from 2/13.) Only time will tell…. Copyright 2012 Phillips Law Offices, A Professional Corporation
Repeal of estate tax proposal pending
H.R.1259 – This bipartisan House bill would permanently repeal the federal estate tax, repeal the federal generation-skipping transfer tax, and extend the $5.12 million lifetime gift tax exemption and 35% gift tax rate. Currently the bill has approximately 194 co-sponsors. Of course, only time will tell what will happen in this election year.