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The Gift Tax
If you give people a lot of money, you might have to pay a federal gift tax. But the IRS also allows you to give up to $15,000 in 2021 to any number of people without facing any gift taxes, and without the recipient owing any income tax on the gifts. Read more…

Spread the Wealth, Carefully, with Tax-Free Gifts
Thinking about making a charitable donation, or want to bestow your generosity on a loved one? The first thing you have to do is understand the tax implications. Not every charity is created equal when it comes to donations. Some may not qualify to have gifts count as tax write-offs, and some others may not be fulfilling their mission. It's up to you to do the checking to know if your check is getting to the right place for the right purposes. Read more…

What is a Schedule K-1 Form 1041: Estates and Trusts?
An estate or trust can generate income that must be reported on Form 1041, United States Income Tax Return for Estates and Trusts. However, if trust and estate beneficiaries are entitled to receive the income, the beneficiaries must pay the income tax rather than the trust or estate. At the end of the year, all income distributions made to beneficiaries must be reported on a Schedule K-1. Read more…

How to Handle a 2010 Inheritance
Note: The content of this article applies only to 2010. It is included here for reference only. Did your family inherit an estate in 2010? If so, you have a rare opportunity: You can opt to use either the 2010 or 2011 tax rules. For inheritors of large estates, selecting the right approach could result in major tax savings. Read more…

Video: Gift Tax IRS Rules
Note: The content of this video applies only to taxes prepared for 2010. It is included here for reference only. The IRS charges taxes on certain gifts that people make during the year. Learn about the IRS rules for Gift Tax with help from TurboTax in this video clip. Read more…

More Estates Articles

Video: What Are Inheritance Taxes? Video: What Is a Fiduciary Income Tax Return? Video: Is Inheritance Money Counted as Income by the IRS? The Gift Tax Made Simple Tax Guidelines About Gifting Estates and Trusts What Are Inheritance Taxes? Video: Guide to a Fiduciary Income Tax Return Video: What Are Estate Taxes? Video: Tax Guidelines About Gifting Video: Federal Gift Tax Law 4 Ways to Protect Your Inheritance from Taxes What Are Estate Taxes?

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