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Phone: 201-345-3018

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Posts tagged "lifetime gift tax credit"

IRS currently looking into failure to report taxable gifts, P.2

In our last post, we noted that the IRS is currently in an effort to audit land-transfer records from at least 15 states for evidence of omissions of gift reporting. Failure to report gifts of real estate for gift tax purposes is, apparently, a common problem in a number of states.

IRS currently looking into failure to report taxable gifts, P.1

Gifts of real estate are a common way folks leave their wealth to family before they pass on. Unfortunately, such transactions often involve a failure to report the gift to the Internal Revenue Service.