9 Valuable Tax Breaks Retirees Should Know About

Photo by fizkes from Shutterstock

Give Money to Your Family Members

In general, few people have to worry about the federal estate tax since most Americans have a credit big enough to let them pass up to $11.58 million to their heirs in 2020 and $11.7 million in 2021. And of course, when it comes to married couples, the amount doubles.

However, if you think that the estate tax is somewhere in the near future, at least make sure to benefit from the annual gift tax exclusion. This exclusion allows you to give up to $15,000 per year to any family member without worrying about the gift tax. Your spouse can give the same amount of money to the same person, too (your only child, for instance).

See also: Can You Believe These 16 Insane Tax Breaks?

PREV1 ... 89 10 1112NEXT

Leave a Comment

Your email address will not be published. Required fields are marked *

10 Things Your Boss CAN’T Legally Do To You

5. Promising a paid position to an intern This can be viewed as an illegal and unpaid training period which ca be punished with federal laws. 6. Discriminate They cannot discriminate against any employees based on: religion, color, sex, nationality,

7 Most Murderous Children

We live in a world surrounded by shocking and evil things. We expect the worst from humans, horrific and truly heinous crimes, however, sometimes these come from the ones that we least expect, children. A rocky situation at home, bad

From Our Network: