Reward tax is a tax on the switch of property by one particular person to a different whereas receiving nothing, or lower than full worth, in return. The aim of reward tax is to stop folks from avoiding property tax by making a gift of their property earlier than they die. Nevertheless, there are a selection of how to keep away from reward tax, together with:
Making presents to certified charities. Presents to certified charities are usually not topic to reward tax. This can be a nice method to scale back your taxable property and help a worthy trigger.