The subject of taxing gifts can be quite complicated, so it's helpful to have the expertise of a trained professional on hand. At Bloomfield CFO, we deal with all the complexities of gift tax and help our clients understand what constitutes as a gift and who actually pays the tax. What determines a "gift" depends on where the exchange took place and the monetary value of the gift itself. Different jurisdictions have their own approaches to gift tax, yet they're generally consistent on what defines a gift. Taxed gifts are usually large items like cars, homes or boats; gifts may also be in the form of large cash donations to organizations or company stocks.
Our gift tax services cover every aspect of the process, and we assess the appropriate tax amount for each donated gift. While we address the concerns of how to apply tax after a large gift has been donated, we also guide our clients toward the right choices before gifts are sent via our comprehensive knowledge of tax law. Tax laws are daunting and confusing for many, so we strive to communicate pertinent information in understandable terms that makes the donation and gift process easier and stress-free.