ask matt cpa we are free agents nation …

My other post explains how the gift annual exclusion works.  What happens if your gift, such as a car, which has a value higher than $13,000 exclusion (2009)?  Does it make it taxable gift? The answer is yes, but…  It is taxable but you don’t necessarily owe any tax.  Each person is entitle to a $1 ...

Estate tax is a total different kind of animal as opposed to the income tax.  It is a tax on wealth transfer, so the tax is calculated on your total wealth.  In 2009, if your total wealth is higher than $3.5 million, you will pay 45% tax on the excess over this the $3.5 exemption.  ...