At the Federal level, receiving a gift or inheritance has different implications if the donor is a US citizen or if the donor is a foreign person. US donor Currently, the exclusion for estates at the Federal level is $13,990,000 per individual and $19,000 for gifts in 2025. Case US donor 1: If the taxpayer
As communicated each year, the IRS has updated some of the deductions, tax exemptions, tax exclusions and other tax items based on inflation. In several media, this has been celebrated as the IRS increasing the threshold and in some cases creating clickbait headlines to attract readers, but the reality is that each fall the IRS
In the FS-2024-28, the IRS reminds us how to treat crowdfunding transactions. Note that there were several articles and posts published related to this topic in the IRS website (See links below) and now the IRS is updating some of their guidance, like the 1099K thresholds. If there is a platform or website to request
