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Recent Gift Tax questions

I am preparing form/s 709. My husband and I gave $337,000 to

I am preparing form/s 709. My husband and I gave $337,000 to our son and daughter in law for a down payment on a house in 2016. From the instructions, I think we're OK with splitting the gifts. I have to prepare a 709 for each of us (I think). Do I report the full gift on each form, or only 50% of the gift?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Not that I can think of.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,182 satisfied customers
I've prepared gift tax returns for my mom's trust for three

I've prepared gift tax returns for my mom's trust for three years. I've shown 100% of all funds put into the trust in the year funded. All gifts have been in cash and are immediately available for distribution by the beneficiaries (me and my sister), thus present interests, even if we choose to NOT receive any current distribution.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: It dawned on me that I probably did it wrong. *WHEN* is a gift tax return needed for a grantor trust? WHEN the funds are gifted to the trust, or only when the funds are distributed to the beneficiaries? Again, we are talking present interest since both beneficiaries have the right to receive distributions anytime.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,412 satisfied customers
How strict are gift tax rules? If a parent wants to buy

How strict are gift tax rules? If a parent wants to buy their child a car or pay off their loan is that taxed?

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Mark Taylor

Certified Public Accountant

Masters

3,298 satisfied customers
I have a that had been named 50% owner of his grandmothers

I have a that had been named 50% owner of his grandmothers home when she passed away. His aunt had the other 50%. His grandmother passes away in feb 2016 they sell her home in oct 2016. After the sale his aunt give him the check for her 50%.Is there a gift tax return for the aunt. Does he report the entire sale.Kindly advise

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Robin D.

Vocational, Technical or Trade School

23,164 satisfied customers
If i pay my tithes to our church pastor, a substantial

If i pay my tithes to our church pastor, a substantial amount, does he owe taxes on the tithes? The reason I am asking is his tax accountant told him it was a love offering and he owed no taxes....I don't want this coming back to me and i have to pay his taxes later....JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no

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Robin D.

Vocational, Technical or Trade School

23,164 satisfied customers
I sold one half interest in my primary residence to my

I sold one half interest in my primary residence to my daughter, including a 2nd deed in 2016. I reside there, she resides as well.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am filing my joint tax return and it asks "did you sell your home in 2016?" Wondering if any Special schedule needs to be attached to explain "I sold half interest in my primary residence as PUB523 does not seem to address this.JA: Is there anything else the Accountant should be aware of?Customer: I am married, My wife, i and my daugther are all listed on the property title. We are splitting the expenses of the home. Only question is and special notation of sale of half interest vs outright sale

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,182 satisfied customers
My parents want to add me as JTWROS to a brokerage account

My parents want to add me as JTWROS to a brokerage account with stocks, bonds, and funds, that will currently pass to me in their will (I am an only child). We all live in PA. Assuming I don't access any of the assets, does/could this cause a loss of step-up basis for some portion of the assets?

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Robin D.

Vocational, Technical or Trade School

23,164 satisfied customers
I purchased an old factory building in a historic district.

Hello, I purchased an old factory building in a historic district. The building needs significant repairs to be put into service. I'm not a non-profit, but I'd like to ask people to make donations. Are all donations considered income? Or are they gifts if they're under 10k? And is it possible to set up a trust of a sort (or some kind of mechanism) that ensures any monies given would be used for repairs?

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Arthur Rubin

Doctoral Degree

1,768 satisfied customers
I want to stop claiming a rental property, my daughter &

I want to stop claiming a rental property, my daughter & husband will take it over as their home.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Are there any tax problems by not claiming a rental property any more when I have claimed it on my taxes for over 10 years.JA: Is there anything else important you think the Accountant should know?Customer: I don't think so.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,412 satisfied customers
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