The tax year 2021 filing season is here and in the wake of the pandemic, there are different forms of tax relief and provisions that were either extended, expanded, or are new this season. Americans are also faced with a multitude of life changes that all have an impact on their 2021 taxes. For example, […]
Read More(Bloomberg) — An exceptional year for wealthy Americans, at least in terms of their financial health, just got better. If West Virginia Senator Joe Manchin votes against President Joe Biden’s signature economic package, as he said he would on Sunday, rich Americans will escape any tax hikes, saving the top 0.1% hundreds of billions of […]
Read MoreWad of cash as a gift The gift tax is a tax levied on any unilateral transfer (a gift) from one person to another. This applies to any kind of taxable assets, including cash, securities and real estate. When the gift tax applies, it is the donor who pays, meaning that if you give a […]
Read MoreDear MarketWatch, I live in California and own a single-family rental property that has a tenant with a 12-month renewable lease. The home is in a revocable trust. I would like to leave the property to my daughter. I have one other child who I don’t intend to leave any of this property to. My […]
Read MoreThe gift tax is a federal tax on the transfer of money or property to another person when equal value is not received in return. The gift tax is a federal levy on the transfer of money or property to another person when equal value is not received in return. While it may sound cumbersome, […]
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