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fortune gems pattern Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate tax products to write unbiased product reviews. Gift tax may apply to gifts of cash or other property. There are several gift tax exclusions, including gifts between spouses. Every taxpayer can give an unlimited number of people up to $18,000 annually in 2024 (and $19,000 annually in 2025) without triggering the gift tax. Federal gift tax may apply when someone gives a gift — of cash or any other type of property — to someone else and receives nothing in return. In some cases, depending on the gift's size, the use of a property or income from a property could trigger gift taxes. Selling something at a greatly reduced cost compared to its value could also be considered a gift. When gift tax applies, the giver is generally responsible for paying, though the recipient may agree to pay the taxes in some situations. 2024 gift tax exclusions and limits Any gifts given to an individual totaling less than $18,000 are not federally taxable for the 2024 tax year. That means you could give up to $18,000 to as many people as you'd like without triggering gift tax or needing to file a gift tax return. In 2025, the $18,000 cutoff increases to $19,000 annually. For married couples who live in community property states or couples who live in common law states and elect to split gifts, the amount for 2024 is $36,000. These taxpayers must always file a gift tax return, known as Form 709 . Gifts that are exempt from gift tax You generally don't need to file a gift tax return for: Gifts worth less than the annual gift exclusion amount Tuition or medical expenses paid directly to an institution Gifts to your spouse Gifts to a political organization Gifts to organizations deemed exempt by the IRS Gifts to a 529 college savings plans in which the contribution is front-loaded and spread over five years When do you need to file a gift tax return? If your gift is larger than $18,000 or $36,000 for a married couple in 2024 and doesn't meet one of the exceptions, then you need to file Form 709 to report it. Married couples cannot file a joint gift tax return even if gifts are split. Each spouse should file a separate return if they make any taxable gifts that exceed the annual exclusion, even if they won't have to pay taxes on them. In 2024, individual taxpayers have a $13.61 million lifetime exemption, up from $12.92 million in 2023. The amount of the gift that exceeds the annual limit each year reduces your lifetime exemption amount. The gift tax return is filed as a record of that reduction. Gifts of real estate, vehicles, cash, stock, or other valuable investments are situations where you may exceed the annual exclusion. Filing Form 709 also helps you establish the cost basis in the gifted property, which will be necessary to determine if you have a gain or loss if you dispose of it in the future. If you do trigger the gift tax, rates start at 18% and go up in increments based on the size of the gift above the annual $18,000 limit. The highest gift tax rate is 40% for taxable gifts over $1 million. Note: In 2026, the lifetime exemption amount will revert to its pre-2018 level of $5 million, adjusted for inflation, unless Congress passes a new tax law. A successful businesswoman gives her niece a $36,000 car for college graduation. What a lucky niece! In this case, a gift tax return would need to be filed, as it is above the $18,000 annual exclusion. There probably won't be any gift taxes due. Chances are, the woman hasn't used up her lifetime exemption. If she had used up her lifetime exemption, she would pay an 18% tax rate on the first $10,000 and a 20% rate on the next $8,000. That's a total of $3,400 in gift tax. Strategies to minimize gift tax If you prefer to make gifts directly to friends and family (other than your spouse), be sure to stay at or below the $18,000 annual limit. If you give more than that to any recipient, you will be required to file a gift tax return to report your reduction in your lifetime exemption. Married couples can take advantage of gift splitting if they file a joint tax return, effectively doubling their annual gift limit to $36,000. For example, say a married couple gifts $35,000 cash to their adult daughter for her thirtieth birthday. In this case, the couple can take advantage of the total gift tax exclusion afforded for spouses and won't owe any gift tax, but they will still need to file Form 709 with their tax return. One way to bypass the annual gift limit is to give directly to medical or educational institutions on behalf of another person. For example, if you want to pay for your grandchild's college tuition but the annual amount far exceeds $18,000, you can pay the school directly and avoid having to file a gift tax return. Note that expenses paid for books, supplies, and room and board are not eligible. Gift and estate taxes can get complicated at higher levels. If you're concerned about triggering gift taxes or minimizing tax on your estate, consult a tax advisor . FAQs on the gift tax No, you don't need to pay taxes on gifts you receive. If gift tax is due, it is the giver's responsibility to pay. Gift taxes are progressive, just like income taxes. Rates range from 18% to 40%, with the top bracket applying to taxable gifts of $1 million or more. Gifts exceeding the annual $18,000 per person limit, or $36,000 for married couples, will reduce the giver's lifetime exemption amount. For example, if a single filer gives $25,000 cash to a friend, $7,000 will be considered taxable. But since the giver has a $13,610,000 million lifetime exemption, the $7,000 gets subtracted from that amount, leaving them with an exemption of $13,603,000. If they make no more gifts until they die, the exemption amount will fully apply to their estate. Real estate/mortgages Taxes Retirement planning Small business finances Banking BudgetingA Kitchener food truck operator is shaking-off the bad vibes after he was forced to shut down operations outside the Taylor Swift concerts in Toronto last week. Sandor Dosman runs the truck, he was elated when he was given permission to sell his jazzed-up, Swift-themed, grilled cheese sandwiches in the plaza at the base of the CN Tower, right where thousands of Swifties would be gathering before and after the show. The owner of the truck said he did his due diligence by checking with CN Tower management about permitting requirements. He was told that because the plaza is owned by the CN Tower, no further permitting would be required. Dosman told 570 NewsRadio that the first night, last Thursday, went off without a hitch. “And then bylaw showed up on Friday and informed us that we indeed need a food truck license for Toronto, which we don’t carry. So, we talked to the CN Tower people, they were as shocked as us. So, there was a miscommunication somewhere between the city and the CN Tower.” Dosman looked into getting a permit but it would cost him somewhere in the neighbourhood of $49,000 and take several weeks to process. Related: So, rather than trying to fight city hall, Dosman decided to shutdown and move on. He said there is no bad blood between anyone involved. “Bylaw is doing their job down there. The CN Tower was just going on the information they had and we used the information we had,” he said. “Unfortunately, there was a miscommunication somewhere. It happens. We’re just going to move on and try to make lemonade out of these lemons we’ve been handed here.” Seeing as he was preparing for several very busy nights, Dosman had a huge quantity of food in stock and no way to use it all. Right off the bat, he donated around 80 loaves of bread to the . He’s also planned a Taylor Swift-themed party for Saturday, Nov. 23 at the old train station on Father David Bauer Drive in Waterloo. The festivities will feature Taylor’s music, Swift-themed sandos, friendship bracelets and a raffle for a giant friendship bracelet used to decorate the food truck. It runs from 11 a.m. and 3 p.m.

49ers' visit gives Packers a chance to damage the playoff hopes of their postseason nemesisRutgers looks to pick up steam in clash vs. Seton Hall

– Nuvo Int'l Group Ltd. Selected as Winning Bidder in Court-Supervised Sale Process, Subject to Court Approval – – Deal Includes Acquisition of Substantially All of the Company's Assets, Ensuring Business Continuity for Customers, Partners and Employees – TEL AVIV, Israel , Nov. 22, 2024 /PRNewswire/ -- Nuvo Group Ltd. ("Nuvo"), the maker of Invu, a pregnancy monitoring device recently named as one of Time Magazine's Best Inventions of 2024, has entered into a binding term sheet with Nuvo Int'l Group Ltd. ("Nuvo Int'l"), an acquisition company funded by Kips Bay Select LP., and selected Nuvo Int'l as the winning bidder at Nuvo's auction in its sale process under Section 363 of the U.S. Bankruptcy Code. Nuvo Int'l will acquire substantially all of the Company's assets and assume certain of its liabilities for cash and non-cash consideration. "The agreement with Nuvo Int'l marks a significant step in our financial restructuring, and when consummated will allow us to continue to deliver best-in-class pregnancy support to moms-to-be and their doctors," said Rice Powell, CEO of Nuvo. The U.S. Bankruptcy Court hearing to approve the sale is currently scheduled for December 3, 2024 . With Court approval, the transaction is expected to close in the first week of December 2024 . Nuvo is advised in this matter by Hughes Hubbard & Reed LLP and Morris Nichols Arsht & Tunnell LLP as legal counsel, Teneo Capital LLC as financial advisor, and Intrepid Investment Bankers LLC as investment banker. About Nuvo Nuvo is leading a transformation in pregnancy care by providing clinicians and expectant mothers with access to medically necessary remote pregnancy monitoring anytime, anywhere. Nuvo's INVUTM platform is an FDA-cleared remote pregnancy monitoring and management system. It enables the delivery of remote non-stress tests (NSTs) and maternal and fetal heart rate monitoring, while pioneering new data-driven personalized pathways that Nuvo believes can improve future health outcomes. INVU is being used by leading health providers and research institutions across the US and Israel. Nuvo plans to continue to expand the footprint of sales in the US and Israel and plans to introduce its INVU platform in Europe in 2024, subject to granting of the CE mark it filed in Europe in March 2023, to provide remote access and insights not previously deemed possible. Nuvo is led by a diverse team of experienced business, medical and technology leaders, united in the mission of breaking down barriers to pregnancy care to give every life a better beginning. For more information and complete indications, contraindications, warnings and precautions, and instructions for use, visit www.nuvocares.com . View original content: https://www.prnewswire.com/news-releases/nuvo-group-enters-into-agreement-for-sale-of-pregnancy-support-business-302314626.html SOURCE Nuvo Group Ltd

On Football analyzes the biggest topics in the NFL from week to week. For more On Football analysis, head here . Saquon Barkley has become the Shohei Ohtani of the NFL. There’s no better home run hitter playing football right now. Barkley had touchdown runs of 72 and 70 yards for the Philadelphia Eagles in a 37-20 victory over the Los Angeles Rams on Sunday night. He now has five runs of 50-plus yards this season and is on pace to break Eric Dickerson’s single-season record of 2,105 yards set in 1984. Barkley’s historic performance against the Rams — his 255 yards set a team record — captivated a national audience and turned him into a fan favorite for the AP NFL MVP award. He’s not the betting favorite, however. Josh Allen has the best odds at plus-150, according to Bet MGM Sportsbook. Two-time MVP Lamar Jackson is next at plus-250 followed by Barkley at plus-400. Running backs have won the award 18 times, including three-time winner Jim Brown, who was the AP’s first NFL MVP in 1957. Quarterbacks have dominated the award, winning it 45 times. Only three players who weren’t QBs or RBs have been MVP. It takes a special season for a non-QB to win it mainly because the offense goes through the signal caller. Quarterbacks handle the ball every offensive snap, run the show and get the credit when things go well and the blame when it doesn’t. Adrian Peterson was the most recent non-QB to win it when he ran for 2,097 yards and 12 touchdowns for the Minnesota Vikings in 2012. Playing for a winning team matters, too. Nine of the past 11 winners played for a No. 1 seed with the other two winners on a No. 2 seed. The Vikings earned the sixth seed when Pederson was MVP. Barkley is a major reason why the Eagles (9-2) are leading the NFC East and only trail Detroit (10-1) by one game for the top spot in the conference. Does he have a realistic chance to win the MVP award? Kicker Mark Moseley was the MVP in the strike-shortened 1982 season when he made 20 of 21 field goals and 16 of 19 extra points in nine games for Washington. If voters once selected a kicker, everyone has a chance, especially a game-changer such as Barkley. Defensive tackle Alan Page was the MVP in 1971 and linebacker Lawrence Taylor won it in 1986. Running back Christian McCaffrey finished third in voting last year and wide receiver Justin Jefferson placed fifth in 2022. The Offensive Player of the Year award and Defensive Player of the Year award recognize the best all-around players on both sides of the ball, allowing voters to recognize non-QBs if they choose. Wide receivers and running backs have won the AP OPOY award seven times over the past 11 seasons. McCaffrey was the 2023 winner. The AP’s new voting format introduced in 2022 also gives non-QBs a better opportunity to get MVP recognition. Voter submit their top five picks for each award, with a weighted point system. Previously, voters made one choice for each award. A nationwide panel of 50 media members who regularly cover the league vote for MVP and seven other awards. The awards are based on regular-season performance. The Chiefs (10-1) and Bills (9-2) already are in position to lock up postseason berths right after Thanksgiving. Kansas City clinches a playoff berth with a win over Las Vegas on Black Friday and a loss by Miami on Thursday night, or a win plus a loss by Denver on Monday night. Buffalo can wrap up a fifth straight AFC East title with a victory over San Francisco on Sunday and a loss by the Dolphins. It’s not a given that the Dallas Cowboys will be looking for a new head coach after this season. Owner Jerry Jones said Tuesday on local radio that Mike McCarthy could end up getting a contract extension. “I don’t think that’s crazy at all. This is a Super Bowl-winning coach. Mike McCarthy has been there and done that. He has great ideas. We got a lot of football left,” Jones said. McCarthy led the Cowboys (4-7) to three straight 12-win seasons, but they went 1-3 in the playoffs and haven’t reached the NFC championship game since winning the Super Bowl 29 years ago. Injuries have contributed to the team’s struggles this season, but Dallas was just 3-5 before Dak Prescott was lost for the rest of the season. The Cowboys upset Washington last week and their next four games are against teams that currently have losing records. If they somehow end up 9-8 or even 8-9, Jones could make a case for keeping McCarthy. AP NFL: https://apnews.com/hub/nfl

Outgoing US President Joe Biden on Tuesday branded his successor Donald Trump's economic plans a "disaster" in a speech hailing his own legacy in office. Biden said Trump's threats to impose huge tariffs on imports were a "major mistake" and urged the Republican to abandon proposed tax cuts. The lame-duck president's speech comes after Trump won a second term largely on the back of US voters' anger at the high cost of living under the Democrats. "I pray to God the president-elect throws away Project 2025. I think it'd be an economic disaster for us and the region," Biden said in his speech at the Brookings Institution in Washington, referring to a conservative blueprint for a second Trump administration. Coughing frequently because of a cold, Biden said US consumers would pay the price for the tariffs that Trump has vowed to slap on US neighbors Mexico and Canada and on Asia-Pacific rival China. Together they are the three biggest US trading partners. "I believe this approach is a major mistake," Biden added. The White House had touted Biden's speech as a "major address on his economic legacy" as the 82-year-old looks to the history books with less than six weeks left in office. Biden dropped out of the 2024 race against Trump in July due to concerns about his age and passed the torch to Vice President Kamala Harris, whom Trump comfortably defeated at the November polls. Trump's inauguration is not until January 20 but he has already become something of a shadow president, making pronouncements on the economy and foreign policy and being feted by world leaders. Biden has meanwhile kept a relatively low profile since the November 5 election, but he came out swinging in defense of his own record in front of an audience of economists. He contrasted his "middle-out, bottom-up economic playbook" with what he called Trump's failed promise of "trickle-down economics" in which tax cuts for the wealthy are supposed to boost incomes across the board. Biden also touted achievements including the US economy's recovery from the Covid pandemic and his huge investments in green technology and industry. "President-elect Trump is receiving the strongest economy in modern history, which is the envy of the world," said Biden. But the departing president said he regretted not signing his own name to Covid stimulus checks sent out to Americans, like Trump had done. "I also learned something with Donald Trump. He signed checks for people for 7,400 bucks," he said. "And I didn't -- stupid!" Biden ended his speech with a broader plea for US leadership in a troubled world, even as Trump has repeatedly signaled his intention to take a more isolationist stance. "If we do not lead the world, what nation leads the world? Who pulls Europe together? Who tries to pull the Middle East together?"he said. dk/nroLPGA, USGA to require players to be assigned female at birth or transition before puberty

Duke of York ‘ceased all contact’ with spy-accused man after concerns raised

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