Gift and Estate Taxes: Knowing What Needs to be Reported
The gift tax and estate tax only apply to gifts and estates greater than $5.43 million (or $10.86 million per couple). But even if you’re among the vast majority of Americans whose net worth is well below these amounts, it is still important to understand the basics of these tax systems. In this article, we explain how the gift tax and estate tax work and answer some of the most common questions our clients have about whether gifts need to be reported to the IRS. Gift Tax: Un
