IRS Removes Gift-tax Filing Burden for Many Trump Account Owners

Dow Jones06-30

The Internal Revenue Service eliminated one of the key unanswered questions about Trump Accounts, the new child investment accounts set to launch July 4.

The tax agency provided a workaround for a law that otherwise would have required millions of parents to file gift-tax returns because of their Trump Account contributions, even if those amounts were far below the typical level that triggers a filing obligation. Some tax advisers had cautioned clients against making contributions until the IRS resolved this issue, because the gifts could be considered interests in future property that require filing a return.

Monday's IRS announcement applies only if the total taxable gifts made by a taxpayer to an individual don't exceed the annual exclusion amount of $19,000.

-- For example, a mother who gave her child $10,000 in cash and put $5,000 in a Trump Account would now not need to file a gift-tax return. But if she gave the child $15,000 in cash and put $5,000 in a Trump Account, she would need to disclose those gifts and any other Trump Account contributions for other children.

"The relief granted will reduce the potential burden placed on friends and family who want to put money into a Trump account," said Frank Bisignano, the IRS CEO.

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