Taxpayers generally must begin withdrawing money from their IRAs or retirement accounts upon reaching age 70 1/2. The Required Minimum Distributions (RMD) is the minimum amount that must be withdrawn each year. Find out more about how this is calculated as well as other rules specific to Inherited IRAs by clicking on “Download Article” button.
When a taxpayer dies, there are certain returns that still need to be filed, a responsibility that falls onto the personal representative. Learn More by clicking on the “Download Article” button below.
At death, all property of the decedent is included in teh gross estate for estate tax purposes. Taxable gifts made after 1976 are added to the total. The estate is allowed some specific deductions. Learn More by clicking on the “Download Article” button below.
There is no dollar limit on the amount that one person is allowed to give another. Gift Tax rules do not prohibit a donor from making gifts in excess of the annual exclusion ($14,000 for 2017). However, if more than the annual exclusion is given to any one recipient, the amount over the annual exclusion is considered a “Taxable Gift”. Learn more by clicking on the “Download Article” button below.