What is Gift Tax? | How to Avoid Owing Taxes on Your Gifts
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- Опубліковано 31 лип 2024
- What is Gift Tax?
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Outline:
Intro: (0:00)
Annual Gift Exclusion: (1:18)
Lifetime Estate and Gift Exemption: (3:05)
Why the Annual Gift Exclusion is Important: (3:55)
Advanced Gift Tax Saving Strategy: (5:51)
The holidays are in full swing and you might be giving or receiving some cash gifts.
As you know, Uncle Sam almost always wants his cut but you may be able to bypass gift taxes if you follow some pretty simple rules.
Watch to learn more.
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
It's so refreshing to see someone so young being so knowledgeable and articulate! Your channel videos are helping me both practically and psychologically with my finances.
Thank you! I really appreciate your comment and support!
This was actually extremely helpful and informative. Thank you
Thanks for watching!
Smooth Breakdown! Great Video Krystal!! New Sub 👍🏽!!
This is fire!!!!!!!!!!!!!!!!!!!!! I've been looking for a great explanation for this.
This is very helpful and informative.
Great job explaining. I have a question. I was gifted old bowling alley equipment to sell for our children's ministry in Asia. I sold this and used it for the ministry? It was under 10k. Is this considered a gift tax?
I love it.
Wow, I never knew about these stuffs before!! I mean I kind of know but dont really understand how it works haha
What about gifting stocks and bond?
Liked👍🏻 & Subscribed 🔔
Ok so I’m going through a similar situation where my partner (out of country working) wants to gift me a 7 figure amount to handle issues here at home, but the bank itself is says it can’t release it? Which is odd? In what ways can these amounts be given?
How much of the monetary gifts that I give away to my children (or that I give away per year) am I able to write off on my taxes personal taxes? Also am I able to give a gift to my children from my business?
Hello this information was helpful but I do have a question about the gift giving of $16,000 per person for 2022. So, if I give my son In 2022 $16,000 and my wife writes a separate check for $16,000 to my son in 2022 do we have to fill out IRS form 709? Because I’m confused about Gift splitting and filling out form 709. Thank you, Peter
What about gifting land?
Report the gift on form 709. Most likely no tax due.
😃