Estate planning, gift tax rules, and everything that happens when wealth passes from one generation (or person) to the next.
Quick pop quiz: what form of tax do most Americans claim to hate the most? Income taxes? Nope. Payroll taxes? Nope. Tax on alcohol? Tax on cigarettes? Nope and nope. It’s the federal estate tax. That’s a pretty remarkable statement considering that fewer than 2% of Americans are generally subject to the federal estate tax…
This week, Congress has been sparring over the best way to fix the economy. It looks like, one way or the other, we’re going to have some tax cuts. The specifics have yet to be worked out. Many are pushing for individual tax rate cuts while others believe that cutting corporate tax rates (something Speaker…
This week, I’ve asked readers to chime in on the Bush tax cuts. This guest post is courtesy of Stuart C. Wardlaw, CPA (for more on the topic, see the original post): On January 20, 2009, the Bush Administration handed over not only the keys to the White House; but also a box full of…
This week, I’ve asked readers to chime in on the Bush tax cuts. This guest post is courtesy of Vinny Kochetta (for more on the topic, see the original post): I do not see an ethical basis for the estate/death tax. If a bazillionaire chooses to be frugal and pass his fortune to a child,…
Last week, I committed a terrible tax blogging sin: I used jargon. I try not to use jargon on my blog. I find it annoying, for one, because who wants to actually sound like a tax attorney (no offense to my esteemed colleagues). But more importantly, what’s the point of reading a blog that you…
It’s funny, my line of work. I practice tax law alongside my husband who practices international and corporate law. A significant portion of his practice involves business immigration work for companies who are interested in setting up shop here in the US. It’s always interesting to me, then, to read about taxpayers who are interested…
This week, the death of George Steinbrenner rekindled discussions about the federal estate tax. As you may be aware, there is no federal estate tax for 2010. However, assuming that Congress doesn’t take action, next year the federal estate tax returns with a personal exemption of $1 million and a flat rate of 55%. Under…
On July 14, US Senators Blanche Lincoln (D-AR) and Jon Kyl (R-AZ) released a press release with a proposal to “permanently reform the federal estate tax.” Under the current scheme, there is no federal estate tax for 2010 but decedents’ estates for this year are subject to a set of complicated capital gains rules. Beginning…
One of my special interests has always been estate planning and the associated tax consequences (if you follow the blog, you may recall that I clerked at the IRS in the estates division). What you may not realize is that you don’t have to be rich to be subject to taxes at death – there…
Taxpayer asks: If I received $500 or say $5,000 in anonymous donations for brain surgery because I have no insurance, do I need to report that anywhere or as income? thank you for any help tax girl. Taxgirl says: So long as these are pure gifts – and you didn’t make any representations as to…