Sentences with phrase «federal gift tax consequences»

Not exact matches

Working closely with tax and estate planning professionals will help you create a plan that is right for you, complies with federal and state laws, and fully considers income, estate and gift - tax consequences.

Among others, the following types of gifts are exempt from the federal gift tax so you can make unlimited gifts in these categories without any gift tax or estate tax consequences and without having to file gift tax returns:

The Internal Revenue Service (IRS) allows individuals to gift property without federal tax consequences as long as it falls within the guidelines for the annual gift exclusion.

Also, the federal government allows single individuals to contribute as much as $ 14,000 per year or $ 70,000 for five years and avoid gift tax consequences.