When to File a Gift Tax Return

Federal gift taxIf you give someone money or property during your lifetime, you may be subject to federal gift tax. The federal gift tax exists for one reason: to prevent taxpayers from avoiding the federal estate tax by giving away their money before they die. When it comes into play, the tax is owed by the gift giver and not by the recipient. You probably have never paid it and probably will never have to.
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Is There a Student in the Family?

Capaldi Reynolds & Pelosi | Is There a Student in the Family?You could be eligible for some tax breaks in the form of a deduction or, better yet, a tax credit. Unfortunately, most of these tax breaks phase out based on income so be aware that filing status and income can limit the tax benefits.
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