Gift Tax Return Preparation and Planning

For people looking to pass wealth to beneficiaries without any unwanted tax consequences, the simplest and easiest method is often the best approach: Just give cash or property away to your loved ones. All you have to do is make gifts to family members that are covered by the annual gift tax exclusion. In many cases, you don’t even have to file a gift tax return.

Such gifts can systematically reduce the size of your taxable estate. In addition, the family may realize income tax savings in the future.

Gift Tax Regulation

A detailed and technical knowledge of gift tax laws and federal regulations are critical to getting the most out of gifting and avoiding gift tax related problems.

Gifting and estate planning are very closely intertwined The laws surrounding gifting have changed just about every year. If you have a sizable estate you should rely on the expertise of Katz&Co to ensure that your well-meaning gifts are compliant and will not end as a burden to you and your loved ones.

Working with Katz&co you will be sure that your transfer of money qualifies as gift and not some taxable form of transfer

If you are gifting property, a collectible or something other than money, you need to be sure of the fair market value of the gift.

There are lots of traps in well-meaning giving. Katz&Co can ensure that you avoid tax traps from your generosity.

For example, if you pay your child’s tuition directly or a loved one’s medical bills you do not qualify for gift tax deductions. If you gave them the money for these purposes you would get the full tax benefit.

If you make a taxable gift—for example, you give your daughter $25,000 to help her buy a house—then you’ll need to file a gift tax return (IRS Form 709). This is not an easy project.

Katz&Co detailed knowledge of gift tax regulations will make gifting what it is intended to be.  A Good thing!

You can find out more about our services by following the links above contact us by e-mail or phone for more information or to set up a consultative meeting in our convenient Bethesda offices