If a taxpayer misses the filing deadline, the IRS may impose significant penalties (up to 25% of the amount of the foreign ...

If a U.S. citizen or resident received a gift or bequest from a foreign person after June 17, 2008, they may be required to file Form 708 and pay the Section 2801 transfer tax to the IRS.

By structuring distributions in the form of gifts that ... capital gains calculation. Gift Tax Rules under current IRS guidelines, have two primary areas: 1) Annual Exclusions, which addresses ...

Republicans want to make the new year a friendlier time for taxpayers by reducing the number of IRS auditors. It seems our biggest concern in life is the fear of a tax audit. When was the last ...

That's why some home buyers turn to family for a helping hand in the form of the ... "The beauty of the gift tax is that any amount received that's beneath the current exclusion amount is not ...

For example, when an American holds a foreign principal residence through a foreign entity, he may lose the tax exclusion on ... mortgages may not issue IRS-compliant Form 1098s, which detail ...

offer free online tax preparation assistance to taxpayers under certain income limits. Fillable forms are available online on the IRS website, but they are complicated and taxpayers still have to ...

For many Americans, offering a $60,000 gift to pay for a child’s wedding probably isn’t something to worry about from a tax perspective. You could owe federal gift taxes if your lifetime gifts are ...

(AP) — The IRS on Friday announced Jan. 27 as the official start date of the 2025 tax season, and expects more than 140 million tax returns to be filed by the April 15 tax deadline. The ...

Information on this form lets the IRS know that a gift has been given that falls within the scope of the gift tax. Married couples may “split” gifts and essentially double their annual ...

The Internal Revenue Service opens up its tax software before the start of tax season to allow people to begin preparing their returns. The IRS has also published a list of tips to help make the ...

The 2025 tax filing season will begin Monday, Jan. 27, the Internal Revenue Service announced earlier this month. The agency said in a statement it expects more than 140 million individual tax ...