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Recent tax questions

I am a U.S. citizen, and a naturalized Mexican retired and

I am a U.S. citizen, and a naturalized Mexican retired and living full time in México for over 30 years.My now exwife who was a Mexican non U.S. resident owned a business Mexico as a sole owner, and filed her taxes seperately.In our divorce the judge ordered the business to be sold and the proceeds be divided equally.My question is my divorce settlement taxable in the U.S.?

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Robin D.

Vocational, Technical or Trade School

 
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Customer: . What is the gift tax law residents.

Customer: Hi. What is the gift tax law for Wisconsin residents. I'm aware of the Federal Law yearly and lifetime limitations. JA: Thanks. Can you give me any more details about your issue? Customer: I want to gift approximately $665K of property that resides in MN, however I reside in WI. JA: OK got it. Last thing — JustAnswer charges a fee (generally around $32) to post your type of question to Tax Experts (you only pay if satisfied). There are a couple customers ahead of you. Are you willing to wait a bit? Customer: I can wait. JA: OK. Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.

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Robin D.

Vocational, Technical or Trade School

 
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IRS Question I would like to gift both of my sons $14,000 each this year. My wife also li

IRS Question I would like to gift both of my sons $14,000 each this year. My wife also like to gift both sons $14,000 each this year. We do not want to incur a tax issue. What if I were to increase the $14,000 by an additional $6,000. Will the IRS tax me on the $6,000. Thanks

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USTaxAdvising

Partner

Bachelor's Degree

 
1,660 satisfied customers
Lev - I was trying to find info on the following. I'm a US Citizen but my mother i

Hi Lev - I was trying to find info on the following. I'm a US Citizen but my mother is not and has never been (she's Italian). She has an account in an American bank in Houston, TX. She wants to close the account and send me the money. It's about $28,000. I was wondering about the taxes on this gift. I reside in California. Thank you

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
Taxpayer deducts "Future Scholar" payment of $30K

taxpayer deducts "Future Scholar" payment of $30K for benefit of son on state return; is taxpayer subject to gift tax?

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Robin D.

Vocational, Technical or Trade School

 
20,248 satisfied customers
In 1954 parents purchased home ,500. In 1981 they gifted

In 1954 parents purchased home for 10,500. In 1981 they gifted home to me and filed federal gift tax returns. Appaised value was 46,500 so each gifted me 1/2...BUT they retrained life use so they each gifted me 23,250 (1/2 of the 46500 value) minus their retained life interest of 6115 (each) so gifted me a net of 17135 (EACH). They owed no fed tax, though gift tax forms were filed, because they used their marital exclusion. They both just passed away and now I have home free and clear to sell. What is my cost basis? The 10500 (original build), the 46500 (value gifted to me with gift tax forms filed), or the current value 123500 (since they both lived in it until their death's this year).

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,276 satisfied customers
My mother sold a house and did Owner finance. A few months

My mother sold a house and did Owner finance. A few months before the loan was up she transferred the deed of trust to me (she was alive at the time and no longer is). I received 6 months of payments and then the last, balloon payment. How do I declarethese payments on my taxes? Misc? Income? I live in California and the property was in Mississippi.

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Arthur Rubin

Doctoral Degree

 
1,740 satisfied customers
there, I'm selling a house to my sister in Arizona. I owe $69K on the house. It

Hi there,I'm selling a house to my sister in Arizona. I owe $69K on the house. It will likely appraise for $170KShe would like to mortgage $90K1. I'm single. Can I gift her $14,000 and another $7,000 to her partner?2. Can I also gift the equity (house sells for $170K and she buys it for $90K...difference of $80K)?Thanks :)

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,894 satisfied customers
If a grandparent pays a college directly grandchild's

If a grandparent pays a college directly grandchild's tuition to avoid mandatory IRA withdrawals increasing beyond 4 &1/2 percent (the money to pay was from an IRA) can the parent of the dependent college student still claim the American Opportunity Tax Credit on their return? The parent income is 100,000 and file married jointly and the American Opporutnity Tax Credit says it can be claimed even if a third party pays the tuition. My question though, is can both be done? The grandparent not be penalized withdrawal from IRA since it was paid directly to college -and- the parent of the dependent claim the tax credit?

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Robin D.

Vocational, Technical or Trade School

 
20,248 satisfied customers
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