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Posted by Tara Halbert | Aug 10, 2020 | Coronavirus, COVID-19, IRS, Tax, Taxation, Uncategorized
The IRS recently granted additional relief for retirement account owners due to Covid-19. Generally, when a person attains age 72 (previously age 70 ½) that person is required to begin taking required minimum distributions...
Read MorePosted by Tara Halbert | Jun 24, 2019 | Tax, Taxation
The Generation-Skipping Transfer (“GST”) tax is designed to prevent taxpayers from avoiding estate tax on a child’s inheritance at the child’s death by “skipping” inheritances over children to grandchildren. Each person...
Read MorePosted by Tara Halbert | Mar 4, 2019 | Tax, Taxation
If you made gifts in 2018 now is the time to begin thinking about filing a gift tax return. If you made gifts in 2018 in excess of the gift tax annual exclusion amount ($15,000 per donee in 2018, or $30,000 if a husband and wife...
Read MorePosted by Tara Halbert | Jul 2, 2018 | Tara Halbert
In 2018, each person has a lifetime gift tax exemption of $11,180,000 and a lifetime generation-skipping transfer (GST) tax exemption amount of $11,180,000. In addition to these lifetime exemption amounts, a donor may make gifts...
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