The gift tax is any taxes owed on the gifts you have given. As the giver, you would owe the IRS gift tax rate and have to ...

If your loved one was generous with gifts then unless they kept good records you might have to turn detective when filling in ...

Money gifted for usage toward a down payment is not unheard of. In fact, it’s become fairly commonplace. But gift money does need to be declared on your taxes.

Stay centered Focus on your own journey, not someone else’s. Gift money helps, but it doesn’t guarantee an easier path. An inheritance can come with the massive weight of grief.

Option 1: Keep Your Gift Money Accessible With a High-Yield Savings Account Even if you choose to skip the other strategies, any graduate who plans to hold on to some gift money should open a high ...