When are Gift & Estate Taxes due?
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Are you aware of the deadlines for gift and estate taxes? Unlike traditional tax schedules, gift, estate, and inheritance taxes don’t have a specific day each year that they are due, making it easy to accidentally miss a deadline resulting in penalties or late fees.
Understanding Gift & Estate Taxes
Gift and estate taxes are a set of taxes imposed on gifts, inheritances, and estates. These taxes are separate from any other income tax you may owe in the same period.
When a gift or estate becomes taxable is dependent on which state you live in.
Gift Taxes
Estate Taxes
Deadlines for Gift and Estate Taxes
The federal government handles the majority of gift and estate taxes, but some states also impose their own rules on these types of taxes.
Questions
Knowing the important deadlines is just one part of the gift and estate taxes. It's also important to think ahead to take advantage of all the tax benefits available. Have questions about the Gift & Estate Tax Deadlines? Our tax planning advisors are here to help. Contact us.