Lee R. Schroeder is an Ohio licensed attorney with Schroeder Law LLC in Ottawa. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at [email protected] or at (419) 523-5523. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.
As we begin the gifting time of year, it’s important to remember taxes when considering gifts. Typically, there is no gift or estate tax if a person gives away less than $5 million. However, there are many different areas that affect the circumstances of the taxes.
Here we are again, between Black Friday and Cyber Monday. Buying gifts leads to giving gifts and inevitable questions concerning whether gifts will impact 2014 taxes for the giver or the receiver.
Gifting is a very detailed part of state and federal tax law. Any conversation concerning taxes that will not put this column’s readers to sleep will necessarily be very, very simplified. Although I am not a tax lawyer and I do not prepare tax returns, this is my best, simple explanation of gift taxes.
Read Lee’s full article on gift and estate taxes in the Lima News here: Legal-Ease: Tax Implications of Gifts