Estate and Gift Taxes, Tax Cuts and More
Posted by William Byrnes on September 14, 2010
Why is this Topic Important to Wealth Managers? Author Ben Terner of the Panel of Experts offers detailed information that has a direct affect on clients’ planning objectives as it relates to estate and gift tax. Provides a general discussion as well as detailed analysis of the current law and the affect of Congress’ current indecision.
Generally, “[g]ross income does not include the value of property acquired by gift, bequest, devise, or inheritance.”  Which means gift income or inheritance income received by the beneficiary is not taxable income to the individual who receives property by such gift, bequest, devise, or inheritance.  “Although the donated or inherited property itself is not taxable, income derived from such property is includable in gross income.” 
Read the analysis at AdvisorFYI