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Recent tax questions

If I receive a 300,000 Dollar loan to buy a house from a

If I receive a 300,000 Dollar loan to buy a house from a relative. Would I file this as a Loan on my taxes or a gift?? I will be paying it back on a monthly basis. Thank you very much for any help in advance. Robert

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
If I sell a $100,000 house to a family member for $10,000

If I sell a $100,000 house to a family member for $10,000 will this impact either of our taxes? Either as a gift of equity in a house or as a capital gains tax on the $90,000 of value in the house? Thanks so much for your time.

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Robin D.

Vocational, Technical or Trade School

 
20,252 satisfied customers
My dad gave me some money to build a steel building on our

My dad gave me some money to build a steel building on our property. I put the money in my saving account, the amount of the gift is 21,000. I was told I have to pay a large amount in taxes. At the same time he put 50,000 in a savings account under my name only. This money we are saving just in case he needs to go into a nursery home.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
If I open a joint checking account with my father funded

If I open a joint checking account with my father funded with a bank check in his name of > $150,000 and then after a few weeks he removes his name from the account. Will I be required to pay any taxes or report any income on these funds?

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DanielleCPA

Certified Public Accountant

Bachelor's Degree

 
930 satisfied customers
If my father provides a down payment ($60,000) to buy a home

If my father provides a down payment ($60,000) for me to buy a home and it is against my expected inheritance from his estate, is there a gift tax that one of us will have to pay?

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Robin D.

Vocational, Technical or Trade School

 
20,252 satisfied customers
I have a quesiton about inheritance. Say my grandmother

Hi. I have a quesiton about inheritance. Say my grandmother wants to give me 500.000 dollars while she is still alive. What are the taxes there?

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Robin D.

Vocational, Technical or Trade School

 
20,252 satisfied customers
Paying taxes of deed for $1 I live in Michigan state and I

Paying taxes for transfer of deed for $1I live in Michigan state and I have a condominium in Chicago,paid off,.it's currently rented..I want to transfer the deed to my aunt,for $1.How will I declare this transaction on my 2016 Tax Return?Will I have to pay any taxes on it,on the value??What about my aunt,will she have to pay anything ,when she files her 2016 tax return?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
We would like to purchase a piece of property daughter that

we would like to purchase a piece of property for our daughter that is around $150,000 and put it in her name alone. What is the tax consequence?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: we would like to purchase a piece of property for our daughter that is around $150,000 and put it in her name alone. What is the tax consequence?JA: Is there anything else the Accountant should be aware of?Customer: noJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,516 satisfied customers
Thank you assistance. Basically I want to buy an apartment

Hi Pearl, thank you for your assistance. Basically I want to buy an apartment in Mexico and for that I need to transfer $40,000 USD from the US to Mexico. It would go from my sister's account in the US to my own bank account in Mexico. I am a US citizen but I live in Mexico. It's basically a gift. My sister wants to do everything legal but she also wants to pay the least amount possible in taxes. When she fills out her taxes, is it better if she splits the gift to four different people (myself, my husband, and my two children)? Any other information would be much, much appreciated. Wamr regards, ClaudiaJA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Not sure. Perhaps if she has any questions for me?JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
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