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 ...

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.

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) ...

If you give someone cash or property valued at more than the 2023 annual exclusion limit of $17,000 ($34,000 for married joint filers), you'll have to fill out Form 709 for gift tax purposes. But ...