Gift Tax 2021 - Basic rundown of how it works.
Channel: EA Tax Resolutions
Date: 27/07/2021

The Basics of Gift Tax in 2021. 

00:00 - Gift Tax 2021 - Basic rundown of how it works.
00:25 - What is a gift?
01:14 - Who is subject to gift tax?
01:32 - How much can you give and avoid paying the gift tax?
02:07 - What if you give over $15,000 to one person?
04:03 - Exemptions from the Gift Tax
05:28 - How much is the gift or estate tax?
06:36 - Foreign Gifts

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Helpful Resources
IRS Form 709: https://www.irs.gov/pub/irs-pdf/f709.pdf
IRS Form 3520: https://www.irs.gov/pub/irs-pdf/f3520.pdf
IRS Gift Tax Explanation: https://www.irs.gov/businesses/small-businesses-self-employed/gift-tax
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Helpful Videos
🔴 A Stimulus Check for Parents - The Advance Child Tax Credit Payments https://www.youtube.com/watch?v=dtedCpqvY3k&t=144s
🔴Opt Out of the Child Tax Credit: https://youtu.be/6LkHQjTTEOo

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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

#GiftTax #2021 #EstateTax