🔔 SUBSCRIBE HERE 🔔 Join this channel to get access to perks: 🌟 🎓 👑 💯 LET’S CONNECT 💯 📷 Instagram @JakeBroe 👉 🐦 Twitter @Broe_Jake 👉 👇 👇 Watch My Other Videos Here 👇 👇 ★ What is Step-Up in Basis? Ultimate TAX Cheat Code! ★ How the MEGA RICH Pay No Taxes - "Buy Borrow Die" ★ Is there a "Single Guy Tax"? 📷 📷 My YouTube Equipment 📷 📷 ► My Camera 👉 ► My Wide-Angle Lens 👉 ► My Wireless Microphone 👉 ► My Shotgun Microphone 👉 ► My Lighting 👉 ► My Light Diffusers 👉 What flag is that? 👉 What is your background? 👉 ================ 📚 📚 Books That Changed My Life 📚 📚 📗 How to Win Friends & Influence People 👉 📕 Dumbing Us Down 👉 📘 Quiet - The Power of Introverts 👉 📙 The Red Queen 👉 📔 Rich Dad Poor Dad 👉 📒 Why Nations Fail 👉 ================ What Is a Gift Tax? The gift tax is a federal tax applied to an individual giving anything of value to another person. For something to be considered a gift, the receiving party cannot pay the giver full value for the gift, though they may pay an amount less than its full value. The gift donor must report the gift on their tax return and pay the gift tax. Normally, the recipient doesn’t have to report the gift. Under special circumstances, the recipient may pay the gift tax. Frequently Asked Questions on Gift Taxes What Is a Unified Tax Credit? A unified tax credit is a certain amount of assets that each person is allowed to gift to other parties without having to pay gift, estate, or generation-skipping transfer taxes. The credit is afforded to every man, woman, and child in America by the Internal Revenue Service (IRS). Large Gifts or Bequests from Foreign Persons If you are a U.S. person (other than an organization described in section 501(c) and exempt from tax under section 501(a)) who received large gifts or bequests from a foreign person, you may need to complete Part IV of Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, and file the form by the 15th day of the fourth month following the end of your income tax year (generally, April 15th for individuals), subject to any extension of time to file that may apply. If you file Form 3520 late, or if the information provided is incomplete or incorrect, the IRS may determine the income tax consequences of the receipt of such foreign gift or bequest and you may be subject to penalties if you do not have reasonable cause. For more information, see the instructions to Form 3520. ================ 📧 E-mail me at: JakeBroeYT [at] gmail [dot] com Official business inquiries can be sent here. Personal e-mails will be discarded. ================ #GiftTax #TaxPlanning #EstateTax ================ DISCLAIMER: This video is for entertainment purposes only. I am not a legal or financial expert or have any authority to give legal or financial advice. While all the information in this video is believed to be accurate at the time of its recording, realize this channel and its author makes no express warranty as to the completeness or accuracy, nor can it accept responsibility for errors appearing in this video. ADVERTISER DISCLOSURE: Jake is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to www.amazon.com. Additionally, other referral links are included and this channel does receive compensation for sending traffic to partner sites. Shopping through our links is an easy way to support the channel and we appreciate and are super grateful for your support!...(read more)
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As the holiday season approaches, many of us are starting to think about gift-giving. While it's always fun to give and receive gifts, it's important to understand the tax implications of doing so, especially if the gift is a large one. In the United States, gift tax is a complex and often misunderstood area of tax law. Here's what you need to know. What is the gift tax? The gift tax is a tax imposed by the IRS on certain types of gifts. It's designed to prevent people from avoiding the estate tax by giving away their assets during their lifetime. The gift tax applies to gifts of property, money, or assets that exceed a certain dollar amount. How much can you gift tax-free? The good news is that there is a certain amount you can gift each year without incurring gift tax. In 2021, this amount is $15,000 per person. This means that you can give up to $15,000 to anyone without having to report the gift to the IRS or pay any gift tax. If you're married, you and your spouse can each give up to $15,000 per person, for a total of $30,000 per person per year. What if you gift more than the annual exclusion amount? If you gift more than the annual exclusion amount to someone in a year, you will need to file a gift tax return. The gift tax return reports the gift and calculates any gift tax that is owed. However, you may not have to pay gift tax right away. This is because the gift tax is tied to the estate tax, and you can use your lifetime estate tax exemption to offset any gift tax owed. In 2021, the lifetime estate tax exemption is $11.7 million per person. What gifts are not subject to gift tax? There are some gifts that are exempt from gift tax, even if they exceed the annual exclusion amount. For example, payments made directly to a medical or educational institution on behalf of another person are not subject to gift tax. Additionally, gifts to your spouse are not subject to gift tax, although there are limitations if your spouse is not a U.S. citizen. What should you do if you're concerned about the gift tax? If you're planning on making a large gift or are concerned about the gift tax, it's a good idea to consult with a tax professional. They can help you navigate the complex tax rules and make sure that you're taking advantage of all available exemptions and deductions. In conclusion, understanding the gift tax is an important part of estate planning and gift giving. While the rules can be complex, it's worth taking the time to understand them to make sure that you're not inadvertently creating a tax liability. By staying within the annual exclusion amount or using the lifetime estate tax exemption, you can give generously to your loved ones without worrying about gift tax. https://inflationprotection.org/a-comprehensive-guide-to-understanding-the-gift-tax/?feed_id=90847&_unique_id=644618c391d0a #Inflation #Retirement #GoldIRA #Wealth #Investing #annualgifttax #annualgifttaxexclusion #doihavetopaygifttax #estateplanning #estatetaxrules #federalgifttax #FinancialPlanning #giftmoneytochildren #giftmoneytokids #gifttax #gifttaxexclusion #gifttaxexemption #gifttaxexplained #gifttaxirs #gifttaxrules #gifttaxation #gifttaxes #howmuchcanyougift #irsgiftlimit #moneygifttax #taxfreegift #TaxPlanning #taxesonagift #taxesongifts #unifiedtaxcredit #whatisgifttax #SpousalIRA #annualgifttax #annualgifttaxexclusion #doihavetopaygifttax #estateplanning #estatetaxrules #federalgifttax #FinancialPlanning #giftmoneytochildren #giftmoneytokids #gifttax #gifttaxexclusion #gifttaxexemption #gifttaxexplained #gifttaxirs #gifttaxrules #gifttaxation #gifttaxes #howmuchcanyougift #irsgiftlimit #moneygifttax #taxfreegift #TaxPlanning #taxesonagift #taxesongifts #unifiedtaxcredit #whatisgifttax
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