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.

Many people give a gift of money to celebrate an occasion or milestone for a loved one without contemplating taxes. And in most cases, you don’t have to worry about it because of the annual tax-free ...

The Tax Court held that a taxpayer’s 2006 gift tax return and supporting documentation constituted adequate disclosure and began the statute of limitation, despite the gift’s being deemed complete in ...

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) ...

Could a $25 gift to a newborn trigger an IRS filing requirement? For families planning to take advantage of the new Trump ...

In Schlapfer v Commissioner (T.C. Memo 2023-65), the Tax Court held the statute of limitations for assessing a gift tax had expired where a taxpayer triggered the start of the assessment period by ...