After months of uncertainty, Congress rode to the rescue in the American Taxpayer Relief Act of 2012 and made the estate tax exemption $5,000,000 adjusted for inflation from 2011. This sets the exemption amount at $5,250,000 for estates of decedents … read more
There are less than two months to go before 2012 ends. And with that may end the opportunity to give away $5,120,000 in assets tax free. Next year, the top estate and gift tax rate will be 55% and the … read more
The IRS has released draft Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, and its instructions for gifts made during 2012. The new draft form includes the portability election and other changes made by the Tax Relief Act … read more
As the end of 2012 approaches, uncertainty regarding the 2013 estate and gift tax law has caused confusion for our clients. One thing is certain however, the gift tax annual exclusion will be $14,000 for 2013. This is a $1,000 … read more
Individual Retirement Accounts (IRA’s) have many rules and the penalties for failing to follow the rules can be painful. The taxpayer Elizabeth Beech found this out the hard way. Elizabeth Beech inherited an IRA from her deceased mother. In 2008, … read more
If you gave money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the gift tax, but there are exceptions. Here are eight tips provided by the IRS that you … read more
Consider the following questions: • Does the property provide a good yield? • How does this property fit into my investment portfolio? • What are the short and long term market outlooks for this property? • Do you need the money? • Has the property … read more
In our practice, we often advise and assist surviving spouses. A recent communication from the IRS illustrates how a surviving spouse cannot file an amended return with her deceased husband. The wife and her husband had timely filed a joint … read more
There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne, LLP we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.
Before posting a comment on a blog post please be aware that we do not give free tax advice to non-clients by email, comment response, or phone. Thank you!
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