Records, gifts and estate tax basics
5 chapters·15 min·action plan·mastery check
Chapter 1 of 5
The idea
The cheapest tax advice is a folder of good records.
Keep the evidence
Keep purchase prices of investments and property, receipts for improvements, and records of gifts. When you sell, or when an estate is valued, these prove your costs and can cut the tax due. Many countries also tax large estates, with rules for gifts made in the years before death.
Predict first
In the UK, how long must a gift survive for it to fall fully outside inheritance tax?
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