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Recent Federal Gift Tax questions

I am being given a life estate on a property in from my

i am being given a life estate on a property in Virginia from my sister who owns property outright, what tax issues will I face?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,012 satisfied customers
You answered my question about estate taxes. Will the

You answered my question about estate taxes. Will the benefactors of my trust be required to pay a federal gift tax. My wife and I are still living in the house.

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ABC Accounting Group

Bachelor's Degree

1,300 satisfied customers
My family recently had a funeral for my father. One relative

My family recently had a funeral for my father. One relative gave $20,000 check to my mom so she could cover the expenses, but since I paid for the funeral she endorsed the check to me and my wife. Does the relative still need to file the $6,000 as gift over the annual limit, or does endorsing the check to me and my wife count as giving me $10,000 and giving my wife $10,000 (being deposited into our joint account)? I thought about asking the relative to write two separate checks, $10,000 each, one for me and one for my wife, but I feel funny asking that.

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Robin D.

Vocational, Technical or Trade School

24,966 satisfied customers
My husband and I are getting divorced. Aside from taxable

My husband and I are getting divorced. Aside from taxable alimony, he'd like to give me a "gift" of $30,000. We don't understand who pays taxes if it's a gift if at all. We live in the state of Georgia although I'm moving to South Carolina but I don't think that makes any difference as this is the IRS. What do you think is the best course to pay the lowest taxes and who pays them? Thank you.JA: PayPal, Debitcard or credit card are all fine. The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: No.

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Robin D.

Vocational, Technical or Trade School

24,966 satisfied customers
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

24,966 satisfied customers
What is the gift tax law residents. I'm aware of the Federal

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

24,966 satisfied customers
Lev - I was trying to find info on the following. I'm a US

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

25,386 satisfied customers
Do Future Scholar deductions qualify for annual gift tax exclusion?

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

24,966 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

21,546 satisfied customers
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