Foreign Gift and Inheritance Also Count In The US

Foreign Gifts and Inheritances, IRS Form 3520 If you received gifts or inheritances in excess of $100,000 during 2016; make sure to report it on the form 3520 “Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts” to the IRS. This is due at the same time as your personal income […]

In 2017 Gift and Estate Tax Might Go Away

Gift Tax The life­time gift exclusion is $5,450,000. Any amount in excess of this threshold is taxed at 40%. The annual gift exclusion remains $14,000 per person per year. Inheritance Tax/Estate Tax and Planning The life­time estate exclusion is $5,450,000. Any amount in excess of this threshold is taxed at 40%. The estate portability, by […]