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 706 Nt Form 2020

2020-2025 Form

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Instructions and help about 706 Nt Form

hello everyone today's video discussion is going to be on the matter of gift taxes and estate taxes now as the estate tax arena is rather complicated I am going to do my best in this video to shed some light on some of the matters that I think think will be of importance to you when dealing with gift and estate taxes or estate taxes first of all let me mention that for a broad overview you can refer to the IRS publication 950 950 in that publication you should find information that will be beneficial to you in regards to gift and estate taxes now for tax year 2012 that's the year that you're filing tax returns for this year 2013 in a tax year 2012 the annual gift tax exclusion amount was $133,000 and the lifetime gift tax exclusion amount was 5,1 120,000 now what does all of this mean the annual gift tax exclusion amount basically States or basically means that that a US person could gift another person a maximum amount of $133,000 without creating a taxable eve

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