IRS Guidance on Large Gifts Made Prior to 2026

On December 28, 2018   /   Business Law West Des Moines, Corporate Law West Des Moines, Legal Resources West Des Moines, Real Estate Law West Des Moines, Taxation Law West Des Moines  
irs tax on gift

Last month the Internal Revenue Service issued a proposed regulation addressing large gifts made prior to 2026.  The basic exclusion amount for estate or gift tax for the year 2017 was $5,490,000.00.  The 2017 Tax Cuts and Jobs Act increased the basic exclusion amount from 5 million to 10 million for tax years 2018 through 2025 with both dollar amounts adjusted for inflation.  For the year 2018 the basic exclusion amount adjusted for inflation is $11,180,000.00 million.  For 2019 the basic exclusion amount adjusted for inflation is $11,400,000.00.  Under the 2017 Tax Cuts and Jobs Act in the year 2026,

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When Gifting to Charity Make Sure to get Written Acknowledgements

On October 25, 2017   /   Business Law West Des Moines, Taxation Law West Des Moines  
donations to charity tax rules des moines

Many individuals regularly make gifts to qualified organizations to receive tax-deductible contributions.  Pursuant to the IRS rules, a taxpayer who makes a single donation of $250.00 or more to a qualified charity must have an written acknowledgement from the Organization for each single donation of $250.00 or more or an written acknowledgement from the Organization setting out the date and amount of each contribution in excess of $250.00. The $250.00 amount set out above does not mean that you add up all contributions to see if you reach the $250.00 limit.  The $250.00 threshold is only reached when you make

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