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Recent Estate Tax questions

For accts What tax would I have to pay if I sold my

for acctsWhat tax would I have to pay if I sold my brownstone to my 2 daughters and their husbands? I would need to give a gift of equity of 750k , Can that be not taxed and used instead as part of my estate tax write-off if I have room? I Also have a capital gain of one million. I'm in the 33% tax bracket

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,686 satisfied customers
My father passed away and left a collection of collectible

My father passed away and left a collection of collectible banknotes. His estate was worth less than 200,000 so I assumed that the collectibles would be tax free because the estate is not worth enough for estate tax. I have been selling the banknotes on ebay and giving a portion of the proceeds to each of my brother and 2 sisters. I have grossed more than $20,000 now and Paypal is going to submit a 1099 form to the IRS. Do I have to pay ordinary income taxes on this money? If so do I pay on my portion only and basically report my siblings to the IRS?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,014 satisfied customers
I am looking for CPA assistance. I am looking to see what

I am looking for CPA assistance.JA: The Expert will know what to do. Please tell me everything you can so the Expert can help you best.Customer: I am looking to see what the taxes would be for the Giver of a Money gift if they gave myself 150,000.JA: Is there anything else the Expert should be aware of?Customer: This giver is single, a father, lives in NH 67 years old. He will be married in 2017. No other children.

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Mark Taylor

Certified Public Accountant

Masters

1,228 satisfied customers
We want to give a son 200K to buy in 2016 a new home while

We want to give a son 200K to buy in 2016 a new home while we are alive. We have a estate of about $1 million to split between to sons. Are we correct that we can give him 14K tax free [or 28K from both of us] and the other 172K must be reported and but it is counted against his future $500K estate split. This means we wil not be tax at all for the gift in 2016.

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Robin D.

Vocational, Technical or Trade School

21,190 satisfied customers
I just want to make sure non-resident aliens DO NOT have to

I just want to make sure non-resident aliens DO NOT have to pay US GIFT TAX when they transfer the following US situs properties to another NRA or foreign corporation?1. Shares of stock in listed US companies, ETFs, mutual funds.2. Shares of stock in privately-held US business entity (partnership, LLC, C-corporation)3. Cash accounts with US banks4. Cash accounts with US brokerage firms5. Bonds issued by US government or US companies.My understanding is that assets in above list are subject to US ESTATE TAX, but NO GIFT TAX, no matter if they are gifted to US citizens or other NRAs. Am I correct? Thanks in advance for your answers.

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Robin D.

Vocational, Technical or Trade School

21,190 satisfied customers
I live in a home where the mortgage/Note is under my parents

HelloJA: Hello. How can we be of help?Customer: I live in a home where the mortgage/Note is under my parents name but I pay the Note payment, taxes and insuranceJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: We want to sell the home and deposit the funds into a joint checking account, so the down payment and capital gains taxes are returned to my parents and the remaining equity can be disbursed to meJA: Is there anything else the Accountant should be aware of?Customer: We want to pay the capital gains from the proceeds return the down payment to my parents and allow for the remaining equity to come to me so I can purchase another home in my name

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ABC Accounting Group

Bachelor's Degree

184 satisfied customers
Real Estate Investment taxes: I own a home and am

Real Estate Investment taxes: I own a home and am considering buying another in the same town. My daughter would live in the second home until I sell my current home (probably about 5 years). She would pay the mortgage, taxes, insurance. I would not collect money beyond that. How will that impact my income taxes? I am 65 and retired with a small pension and social security.

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Robin D.

Vocational, Technical or Trade School

21,190 satisfied customers
Which uses are 'exempt uses'? In Albuquerque New Mexico, my

Which uses are 'exempt uses'?In Albuquerque New Mexico, my IRS 501C3 (religious organization--25+ years good standing) has a 'property tax exemption [ad valorem] on our 'parsonage', (where, as pastor of a small church, I live with my family). The property remains exempt from these real estate taxes as long as the house is:1) Exempt owned (NM Non Profit Corporation owns the property)2) Exempt use (parsonage)We own another house which is now being used as a (NM Department of Health) licensed Elder Care/Hospice [for up to 8 clients, currently 3-4]Can an Elder Care/Hospice qualify as Exempt Use? Would it need to be 'religious' also? or denominational (Baptist, Methodist, ...or simply Christian? etc.)What types of uses might be 'exempt use' for NM property tax exemption???

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Dr. Fiona Chen

President

Ph.D.

550 satisfied customers
I have a small business and I have a mortgage on a rental

I have a small business and I have a mortgage on a rental property. My business is about to receive enough money to pay off the mortgage. My idea was to have my business buy my rental property from me and use that big purchase as a business expense, then have the renters pay my company, & I would report the income from the property that I receive monthly as business income for my business. Is this legal, and can I claim the purchase as a business expense so long as I report the income from the property on the business taxes and pay all the property taxes etc?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,014 satisfied customers
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