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estate & gift

New York To Issue Tax Refunds For Same Sex Couples

25 July 2013

Gov. Andrew Cuomo has announced that New York will issue estate tax refunds to those taxpayers who file amended returns as a result of the recent Supreme Court ruling that deemed DOMA unconstitutional.

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IRS Announces Increase In Annual Exclusion For Gifts, Rest Remains a Mystery

25 October 2012

Nobody has a crystal ball. I’ve sat through presentation after presentation (and given a couple myself) on the state of the federal estate and gift tax for 2013 and beyond. There are all kinds of theories about what might happen. But the reality is, we know very little. Quite frankly, much of it hinges on […]

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You Gotta Fight For Your Right To Protect Your Image: Beastie Boys Rapper Bans Use of Music In Ads After His Death

10 August 2012

When it comes to estate planning, most folks know that you can use wills and trusts to distribute (and in some instances, control) their “stuff.” The tricky part is often figuring out what actually constitutes your “stuff.” For estates purposes, your “stuff” includes such items as your real property (think house and other real estate), […]

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Taxes from A to Z: G Is For Gift Expenses

11 March 2012

G is for Gift Expenses. The word gift can have a different meaning, depending on who is doing the giving and who is doing the getting. If you don’t believe me, check out an episode or two of Judge Judy (yes, I’m a fan). When it comes to business, however, the IRS has a very […]

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Ask the taxgirl: Looking a Gift Horse in the Mouth

31 January 2012

Taxpayer asks: Dear TaxGirl, Recently I received a request from a company to fill out a W-9 form.  I am not, nor have I ever been, an employee of this company.  However, I did receive money from them.  I’ll explain quickly… My mother worked as a 1099 employee for a manufacturing company.  She sold millions […]

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What’s Mine is Yours: IRS Issues Estate Tax Portability Guidance

30 September 2011

Last December, Congress pushed through a whole set of changes meant to make them look good on Election Day things easier for taxpayers. One of the changes was the new portability provision which allows spouses to “share” their federal estate tax exclusion amounts with each other. Each person is allowed an exclusion for federal estate […]

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IRS Issues Extension for Form Not Yet Available (Thanks?)

14 September 2011

If you lost a loved one in 2010, my sympathies are with you. If you lost a loved one in 2010 that might have a taxable estate, my sympathies are really with you. The “surefire vote getting” one year repeal of the federal estate tax for 2010 has turned into one of the biggest administrative […]

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IRS Releases Guidance (But No Form) for 2010 Estates

16 August 2011

Whew. It has taken awhile but the IRS has finally issued guidance for the treatment of basis for certain estates of decedents who died in 2010. As you’ve probably heard, there was no federal estate tax due for decedents who died in 2010. Well, er, sort of… Under the Economic Growth and Tax Relief Reconciliation […]

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IRS Delays Basis Reporting for Decedent’s Estates

31 March 2011

The IRS has announced that federal form 8939, Allocation of Increase in Basis for Property Acquired from a Decedent, is not due on April 18, 2011 and should not be filed with the final federal form 1040 of persons who died in 2010. Of course, if you’ve tried to file a federal form 8939, you […]

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Taxes from A to Z: A is for Applicable Federal Rates

3 March 2011

First in the series: A is for Applicable Federal Rates, or AFRs. Each month, the IRS provides various prescribed rates for federal income tax purposes; those rates are regularly published as revenue rulings. You can see the latest list of rates as a revenue ruling here (downloads as a pdf). If you browse the list, […]

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