Estate Trust & Gift
In the past, beneficiaries who sold inherited assets may have reported different (higher) values of assets than what was originally reported on the estate tax return. To stop this, the IRS issued proposed and temporary regulations that now require a … read more
An executor who is required to file a federal estate tax return (Form 706) is also required to file the new Form 8971, Information Regarding Beneficiaries Acquiring Property from a Decedent, with the IRS to report the final value of … read more
On August 2, 2016 the U.S government proposed making it harder for wealthy business owners to transfer assets to heirs without paying estate and gift taxes. The Treasury Department’s plan would place new limits on a common tactic used to … read more
Back in 1916, Congress wanted to boost U.S. revenues in case America joined in on World War I in Europe. Lawmakers voted for a new tax on a person’s assets at death, which we now call the Estate Tax aka … read more
Prince Rogers Nelson, American singer, songwriter, and actor, passed away on April 21, 2016. Cities, social media, and fans showed their support and solidarity in a sea of purple. Prince resided in Minnesota at the time of his death. As … read more
Generally, miscellaneous itemized deductions may be deducted to the extent they exceed 2% of adjusted gross income (AGI). Miscellaneous itemized deductions can include tax preparation fees, investment fees, estate planning legal fees, and safe deposit box charges, to name a … read more
Trustees interested in managing the tax burden of a complex trust should be familiar with the 663(b) election, also known as the “65 Day Rule”. Making this election can often help to lower the overall tax burden of the trust … read more
The IRS released the 2016 estate and gift tax amounts and due to the very low inflation rate, the 2016 numbers were very similar to the 2015 amounts. In Revenue Procedure 2015-53, the IRS calculates the unified estate tax exclusion … read more
Under the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 which was signed into law on July 31, 2015, the executor of an estate required to file an estate tax return under Code Sec. 6018(a) or (b) … read more
Statistics suggest that many savings bonds fall through the cracks because bondholders do not keep track of them nor let heirs know about them. Over $9 billion worth of savings bonds have stopped earning interest, but have not been cashed, … 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 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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