Today, I'm gonna talk about five gift tax tips for 2018. How to give money, how to get money. If this is your first time on our channel or you haven't subscribed, click on the subscribe button at the bottom. My name is Travis Sickle, a certified financial planner with Sickle or Financial Advisors. The first tip is that you can give up to $15,000 for 2018 to one or as many people as you want. So, if you want to give $15,000 to a hundred different people, you can. You just have to have the money. Tip number two is that you can give a gift of tuition or medical expenses. The only catch is that you have to pay for the tuition or the medical expenses directly. So, putting the money in a white envelope and giving it to somebody will not cut it, even if it's for tuition or medical expenses. You must pay for those expenses directly to the provider. Tip number three is about gifts to spouses. You can give as much as you want of your own money to your spouse. There are no gift tax limitations. Tip number four is about giving the gift of a charitable donation. In 2018, you can still give gifts of charitable donations. However, since the standard deduction has increased significantly to $12,000 for an individual and $24,000 for married filing jointly, you must itemize before you can actually receive that deduction. So, if your itemized deductions don't exceed those limits, you won't get the same deduction that you may have gotten in the past. Tip number five is that if you're married, you can each give a gift of up to $15,000 under the gift tax exclusion. This means that you can give up to $30,000 to each individual. And those are the...
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709 2024 Form: What You Should Know
Who is Tax Implied Trust, or “TIE”: IRS Guide for the United States Taxation [PDF], p. 11, and Who is Inherently Unrelated? What is the definition? What is the purpose of IRC Section 72(t)? — IRS Guide for the United States Taxation [PDF], p. 14- (See IRM 25.6.1.5, The General definition, in Appendix A.) IRM 26.22.1.1, General definitions of terms, states, describes certain examples of related taxpayers; see also 26.28.3.1-1, General definitions for the Internal Revenue Manual (IRC) Section 72(t) and Section 6013(c) and 26.28.3.1-1, general definitions of terms. IRM 26.4.18, Related individuals — definition of related group, provides an example of a related group is a group that is not wholly defined by an individual's classification, either as spouse or The following is a non-exhaustive list of the common use cases: — A couple that have resided together for seven years; — A married couple that have co-owned and/or financed a home for a total period of five year — A couple that live in a common residence and have a common family situation (fathers/father-in-law and sons/mother-in-law). Who are the non-self-sufficient unrelated individuals (also known as U.S. individuals)? — IRM 21.6.3.3.2., Unrelated Statutorily Required Trusts for Non-Self-Sufficient Non-self/other taxpayers : IRM 21.6.3.3.2.3. A. If the taxpayer is not the sole or primary beneficiary, then the following definitions apply. 1.  The taxpayers are related to each other if they have the same parent or parents, are related by blood or adoption, or have lived or resided together for at least 2.  One of the persons (other than the taxpayer) having the same parent or parents is treated for purposes of IRC Section 72(t) or Section 2054 as the taxpayer for purposes of IRC Section 72(l). 3.
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