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Does Republican new tax bill repelled all estate tax? There…

Customer Question
Does Republican new tax bill...
Does Republican new tax bill repelled all estate tax?
There is no more inheritance tax? One can pass on any amount of money to his children without paying any estate tax?
What about the $14,000/year limit that one could give as gift to their children? Is that also repelled?
Submitted: 4 months ago.Category: Tax
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12/2/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago

Let me first mention that their are two bills that have passed (The House and the Senate Bill), however, the final bill has not yet been finalized, so as of yet, while we have an idea of what the tax changes may be, at this point, the changes are not etched in stone. SEE BELOW:

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House and Senate Republicans still have to settle the differences between their tax bills before Trump can sign a final bill, which would give the GOP the legislative achievement they’ve sought throughout their first year of regaining full control in Washington.

REFERENCE SOURCE:

https://www.politico.com/story/2017/12/01/tax-bill-2017-senate-republicans-274453

Still writing....

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Customer reply replied 4 months ago
you are right about the nothing is final yet.
I am asking what is in senate and house bill as of today regarding estate tax?
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago

If President Trump and the GOP get their way, then yes, Estate tax is on the chopping block to be eliminated. Generation skipping tax is also on the chopping block to be eliminated. As of right now, I do not see that inheritance tax will be eliminated. You can refer to the chart at the following link for a general overview of what changes will likely take place.

https://itep.org/wp-content/uploads/ryantrumpcompare1116.pdf

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