Sharpe Blog

Archive for April, 2017

Posted April 17th, 2017

Let’s Take a Look at the Federal Gift Tax, Part 2

Last time, we encountered the $14,000 (for 2017) annual gift exclusion, which shields up to $14,000 a year given to any one individual from gift tax. For example, in 2017 Tillie gives each of her six grandchildren a check for $14,000: there is no gift tax; Tillie is allowed six $14,000 annual exclusions. Now, to… read more

Posted April 4th, 2017

Let’s Take a Look at the Federal Gift Tax, Part 1

The federal gift tax doesn’t raise much revenue (less than 2% of the total federal revenue). Like the estate tax, it is retained today for political, not revenue-raising, purposes. It’s a complex and tricky tax. There’s no reason for a gift officer to try to grasp the whole of it; but gift planners do need… read more

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