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Tag Archives: gift tax
Gift and Estate Taxes: Knowing What Needs to be Reported
Even if you’re among the vast majority of Americans who are below the $5.43 million threshold for the estate tax or gift tax, it is still important to understand the basics of these tax systems. In this article, we will explain how the gift tax and estate tax work and answer some of the most common questions our clients have about whether gifts need to be reported to the IRS. Continue reading