Gift Tax and Estate Tax Relationship
If you owe gift taxes because you gave above the gift tax exemption, you don’t have to pay gift taxes. Instead, the tax on the gift is deducted from the…
What is the Mississippi Estate tax?
Does the IRS audit estate tax returns?
Yes. It can audit and they audit estate tax returns more frequently, especially if large estates. They may do a partial or full audit and penalties can be significant.
