Sentences with phrase «gift tax consequences»

From a federal tax perspective, you are allowed to contribute up to $ 14,000 annually without incurring gift tax consequences.

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.

Otherwise, if it's a legitimate gift (no expectation of getting anything back) this idea may work — but don't forget about potential gift tax consequences.

Contact your tax adviser regarding questions about possible income, estate and gift tax consequences surrounding any life insurance you own or are contemplating buying.

This means that a married couple could transfer $ 28,000 to each of their 3 children this year, next year, and each year after that without any real gift tax consequences.

$ 14,000 single / $ 28,000 married couple per beneficiary in a single year without federal gift tax consequences.

However, we wouldn't recommend surpassing $ 14,000, since anything under that amount is subject to gift tax consequences under IRS rules.

A properly drafted ILIT avoids gift tax consequences since contributions by the grantor are considered gifts to the beneficiaries.

Funds contributed to a 529 plan are considered to be gifts to the beneficiary, so anyone — even non-relatives — can contribute up to $ 15,000 per year in 2018 per beneficiary without incurring gift tax consequences.

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

(Nebulous, we know, but consider the unofficial limit $ 14,000 a year because any higher amount has gift tax consequences.)

For example, if a father gifts $ 10,000 cash to his son and forgives interest of $ 3,000 owed on a loan he gave his son, he has no gift tax consequences.

This situation could have income tax or gift tax consequences.

There are several reasons to consider investing in a 529 college savings plan including the tax advantages, options for withdrawals for tuition, room and board and other expenses, portable allowing the funds to be used at any accredited college, no gift tax consequences on contributions of $ 14,000 or more, no income limits, asset control options, and no restrictions on family members to be beneficiaries.

Doing so is not considered a gift and therefore does not have gift tax consequences.

(Note that there may be gift tax consequences, since the premium is considered to be a gift to the insured.

(Nebulous, we know, but consider the unofficial limit $ 14,000 a year because any higher amount has gift tax consequences.)

(Note that there may be gift tax consequences, since the premium is considered to be a gift to the insured.

Under the federal tax code's «unlimited marital deduction,» which addresses the transfer of property to the surviving spouse when one spouse dies or when a marriage is dissolved, married gay couples will see a significant effect because those transfers will «no longer trigger a gift tax consequence,» Hartmann says.