Tax pros estimate twice as many Americans will need to file gift-tax returns this year, after rushing to give away assets during the 'fiscal cliff' frenzy.
If you got married or divorced, took in an elderly parent, lost your job or adopted a child, you may need to adjust your tax planning.
In 21 states and the District of Columbia, you may owe estate and inheritance taxes to the state even if you don't have to pay the federal government.
| Tags: | estate taxstate taxtaxes |
The fiscal cliff deal basically made permanent the rules that had been in effect the past 2 years, but the top estate rate did rise. Here's how to maximize the benefits.
Looming changes in the estate tax and gift tax are keeping tax experts busy. But it's hard to make decisions without knowing what measures will be adopted.
If Congress doesn't act on the estate tax, it will revert to pre-2001 rules. That includes sharing a portion with 30 states.
The president seeks to raise $1.5 trillion in the next 10 years from wealthy Americans. Yet most of his proposals were also in last year's budget and went nowhere.
Married couples can give away $10.2 million tax-free. But getting that tax break requires filling out a complex form within 9 months of the first death.
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