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How to Deduct Charitable Contributions
How to Get Tax-Free Profit From Your Rental Home
How to Deduct Home Equity Loan Interest
How to Deduct Home Mortgage Loan Interest
How to Determine What the IRS Considers a Charitable Contribution
How to Write a Check to the IRS
How to Deduct the Cost of a Vehicle Used in Business
How to Avoid an IRS Audit
How to Give Tax-Free Gifts
How to Deduct Home Improvements
How to Meet the IRS Definition of a Dependent
How to Report Tax Evasion
How to Report Taxable Inheritance Income
How to Spend 2008 IRS Tax Rebate Checks
How to Find Out When Your 2008 IRS Rebate Check is Coming
How to Find an Auditor
How to Get Your Financial Statement Audit Started
How to Prepare Your Tax Information for Your CPA
How to Avoid Paying Too Much For Your Financial Statement Audit
How to Lower Your Audit Risk
Tax-free bonds are bonds that are issued by towns, cities, local governments and state governments to rais… More
Tax-free bonds are not always completely free of taxes, but they may be free of federal, local or state ta… More
When investing in a tax-free mutual fund, be sure to take a look at the taxes and how they're handled as n… More
The donations that charities receive are completely free of taxes, and the people who make the donations c… More
To get tax-free profit from selling a rental property the owner needs to have used and lived in the rental… More
If a gift of cash is under $12,000 then it does not have to be reported to the IRS and can be tax free and… More
It's better to give than to receive when it comes to income taxes. Giving money lowers taxable income, thu… More
It is said there are two positives in life, “Death & Taxes.” However, with a tax-free exchange, a person l… More
The most popular ways to open a sheltered investment account are by putting money into an individual retir… More
Finding tax help for seniors is easy if you know where to look.… More
The government now essentially pays for $500 a year of retirement savings for low-income individuals. Here… More
We all get those chain mail emails warning us that Congress is going to tax our correspondence over the In… More
The potential to earn "free money" is exponential. From national companies to Internet companies, more and… More
Summary: If a gift of cash is under $12,000 then it does not have to be reported to the IRS and can be tax free and if married it can be up to $24,000. Give the gift of cash and avoid being taxed on it with tips from an experienced tax professional in this free video on taxes.
Danielle Loughran is a CPA with over nine years of public and private accounting experience at Arthur Anderson and Ernst & Young. Loughran was also responsible for internal controls...read more
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"Are you looking at your calendar and hoping that you are going to get a check around Christmas time from your wealthy relative? Well let's make sure they know how to give tax free gifts. My name is Danielle Loughran and I am a CPA with Accell and I'm going to talk to you a little bit about how to make sure those gifts are tax free. The easiest way to say it is keep the check under $12,000. What does that mean? Well if it is under $12,000 then no one has to report it and there is really no taxable impact for the recipient and there is a benefit for the person who is giving it because it helps reduce their estate and the even cooler thing is this is an instance where being married actually benefits you, yea. Because usually there is penalties to that, we won't talk about that. If you are married you can actually get up to $24,000 between you and your spouse to one recipient. How does that work? Say Grandma and Grandpa are married and you are their favorite grandchild. Well Grandma can write you a check for $12,000 and Grandpa can write you a check for $12,000 and boy did you just get $24,000 for being nice. The benefit to them is that they reduce their estate by $24,000 and that is a great thing especially for the future. If you have any more questions about how to give tax free gifts you really should consult a CPA or a tax attorney who specializes in estate planning because they have got lots of nifty ideas that can help you. My name is Danielle. I'm a CPA with Accell and I hope that you have found this information valuable."
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