Prior to 2023, the maximum amount that a person could gift without filing a gift tax return was $16,000 per person. If an individual transferred gifts worth more than $16,000 to one person in a year, then the person who…
Tag: federal estate tax
Increase in Exemption from Federal Estate Tax
The federal government has an estate tax that applies to estates that are worth a significant amount. New Jersey used to have an estate tax but it was phased out. In 2017 the exemption from the New Jersey estate tax…
Estate Tax Exemption Increases for 2021
There is a federal estate tax that applies to those estates that are worth a significant amount. The exemption from the federal estate tax has increased continuously since 2002. Prior to 2002, the exemption from the federal estate tax was…
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