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IRS Clarifies "Gift Tax Uncertainty" thru 2025
Good news from Daniel Dobbs, VP-Broker of Mutual Home Mortgage:
The IRS won’t act retroactively on gifted monies after the 2017 cuts expire in 2025.
Bloomberg: The IRS is proposing a potential benefit for taxpayers, saying that individuals who give gifts to their heirs under a temporary provision of the 2017 tax overhaul won’t later owe taxes on those gifts.
The 2017 tax law doubled the value of assets which can be transferred to heirs without triggering federal estate or gift taxes over a lifetime, bringing lifetime caps to $11.2 million for individuals & $22.4 million for a couple.
The thresholds rise in 2019 & more in later years before expiring in 2025, when exemptions are set to revert back to half of their current levels.
Amounts over exemption levels are taxed at 40%.
Estate planning professionals were worried in 2026, the IRS might attempt to collect taxes on gifts already made under the doubled exemptions.
The IRS said Nov. 20, it wouldn’t seek such retroactive taxes. “This is definitely good news — it takes uncertainty off the table,” said Lester Law, an estate and trust planning lawyer in Washington.
Law added taxpayers shouldn’t wait to take advantage of the exemption, because the 2017 tax revisions can be “rolled back” so its “use it or lose it.”
Individual gifts are still limited by the annual exclusion, of $15,000 this year.
The IRS plans to hold a hearing on the proposed rule March 13, 2019.
Daniel Dobbs has over 38 years,of experience funding loans and is certified by the California Bureau of Real Estate and National Mortgage Licensing System.
Chic Celebrations
December 2018 Newsletter
Holiday Recipes To Try Now
Food & Wine Magazine’s 10 Latke Upgrades:
1. Fry the latkes in duck fat!
2. Make the hot, crispy latke a burger topping.
3. Double dip coating for extra crunch. Coat the latkes with panko before frying.
4. Add shredded Golden Delicious apples into your latke mix. No need for applesauce!
5. Serve extra-large, crispy latkes topped with scrambled eggs and crunchy bacon for brunch.
6. Shredded beets and carrots add striking color and a vitamin boost to your latkes.
7. Crumble spicy Italian sausage into your latke batter for a meaty surprise.
8. Latke poutine: Layer latkes with gravy and cheese, and broil until gooey.
9. Puree salmon roe with plain Greek yogurt for a cool, savory dip.
10. Shower the top with shaved cheese or truffles.
berry christmas pavlova from my square frying pan
Ingredients
Pavlova
4 eggs whites (at room temperature)
Pinch of salt
250g castor sugar
2 tsp of cornflour (sifted)
1 tsp white wine vinegar
Raspberry Coulis
125g fresh raspberries
Juice 1/2 lemon
1/4 cup castor sugar
1/2 tsp of brandy (optional)
Topping
300ml fresh cream – whipped
1 x pomegrante
Raspberries, cherries and strawberries to decorate
Bunch of holly or fresh mint
Method
Preheat oven to 120C. Line a tray with baking paper. Use a round baking tin to draw one large circle (22cm) then draw another circle inside it approximately 13cm wide.
Beat egg whites and salt until soft peaks form. Beat in sugar, a little at time until meringue is stiff and shiny. Sprinkle over sifted cornflour, vinegar and fold in lightly.You should be able to up end the bowl at this stage with no fear of anything coming out.
Grab a dessert spoon and scoop a dollop of meringue. Place this dollop between the outside and inside line. Repeat until a ring of meringue is complete. Create a second layer of meringue on top of the first until second ring is complete. Flatten the top by smoothing the meringue.
Place meringue in oven for 2 hours at 120C. When time is complete, turn off the oven and leave meringue in the oven until completely cool. This is very important as there will be less risk of the meringue cracking and collapsing.
When cool, spread with whipped cream, drizzle on raspberry coulis then decorate with cherries, pomegranates, strawberries, raspberries and holly or mint.
Raspberry Coulis
Blend fresh raspberries, lemon juice and sugar together until sugar has completely dissolved. Set aside until required.
tips for successful pavlova!
Make sure egg whites are at room temperature – not straight from the fridge – it makes it hard to whip to right consistency
Add ingredients to meringue in small amounts and consistently as per recipe
Do not open oven while pavlova is baking
Do not take pavlova physically out of oven until completely cool