The Bottom Line
The Bottom Line is where Klatzkin’s advisors provide analysis and insight into key developments in taxation, accounting, and other issues and how they affect businesses and individual taxpayers.

Gift Tax Basics

By JAMES EMMA

Sharing your wealth with family, friends, and loved ones may be easier said than done.

The IRS prevents the tax-free transfer of wealth both before and after death. The estate tax applies when you transfer wealth after death, and the gift tax applies when you transfer wealth during your lifetime. Although their rules are a bit different, the two taxes go hand in hand, which is something to be discussed later. But first, let’s go over the basics of gift taxes and discuss how the gift tax laws will impact you now and into the future.

Contact Us

  • This field is for validation purposes and should be left unchanged.

By Category

By Date

Receive Blog Updates