Posts Tagged: tax-free gifts

After the U.S. Congress voted in 2010 to raise the federal tax threshold for gifts from $1 million to $5 million, many Americans took advantage of the higher limit. According to Bloomberg, recent IRS data found that U.S. taxpayers reported $122 billion in tax-free gifts in 2012. Of that total, $84 billion was attributed to gifts valued above $1 million, and fewer than 30,000 people were responsible for this portion. Furthermore,...

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