Receiving a valuable gift is normally a reason to celebrate. When it comes to paying the taxes associated with such an elaborate gift, things can get rather confusing. It is something most people either don’t consider or don’t think they will ever have to worry about.
Determining how much gift tax is owed on an item, or items, means understanding complicated calculations and equations that deal with the objects real and assessed value, as well as what the recipient’s overall tax liability will be.
Hiring a St. Louis Gift Taxation Attorney
If you or a loved one have received a gift of substantial value, it is in your best interest to hire a St. Louis gift taxation attorney to help you determine what amount of gift tax you might owe. If gift taxes are not paid in full and on time, fines and penalties may be assessed on the unpaid balance. Refusing to pay what is owed can result in jail time.
Gifts can be received in various ways including inheritances, lottery winnings, wedding gifts or large gifts given between friends. Valuable items that are given as gifts are considered to be a source of income and must be reported to IRS if their value meets or exceeds the amount stipulated in both state and federal regulations.
Edward L. Armstrong, P.C.
Edward L. Armstrong, P.C. began practicing law in the St. Louis area in 1973. A well-known Missouri native, Armstrong is familiar with several practice areas. His several years of experience in the field has provided his with the knowledge of how to assess and determine the amount of gift tax owed on any type of item.
Mr. Armstrong has been admitted to both the United States Court of Appeals as well as the Supreme Court of Missouri. His many years in practice, make him an exceptional choice for anyone dealing with issues involving, gift tax, inheritances, lottery winnings, court judgments or other types of monetary awards.
He has the skill and knowledge to help you understand how gift taxes are figured and the importance of paying them on time and in full. One of his primary practice areas concerns protecting his clients’ rights during litigation and compensation hearings. He continually strives to help his clients understand what is going on with their case and keep them abreast of any changes in their cases’ status or court dates.
Having a qualified gift tax attorney on your side will help you ensure you are staying within the parameters of the laws that are in place concerning the giving of large gifts and pieces