How To Undo A Gift For Tax Purposes

Even the best laid plans don’t stand up to a whirlwind Congress, and as Deborah Jacobs of Forbes reports, many are finding themselves in a position of giver’s remorse rather than buyer’s remorse this January, and not over Christmas presents. Before Congress put through the new tax law, the gift tax was set to revert to 55% instead of the 35% of 2010, and on that basis it was solid strategy to make use of your lifetime limit while the tax was so low (indeed, I’ve mentioned articles with this advice in previous posts.) Of course, now that the gift…

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