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Recent Gift Tax questions

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

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Situation: resident. A non-US citizen wants to give me a

Situation: I am US-resident. A non-US citizen wants to give me a cash gift. In order for me to get the cash gift, the non-US-Citizen must first make a transfer to her account located in the US (this is required by the donor's financial institution overseas). then:1. Do I pay taxes on the cash gift, if the amount is greater than US$ 100,000? Do I pay if the amount is lower than 100,000?2. How would the cash gift affect my tax filing for the next year and future years? (if it is less than US$ 100,000 or greater than US$100,000)3. Once the cash gift is my account, and I want to withdraw partially or totally the money (to invest or spend it) do I pay taxes? If yes, how much would be the taxes and does it depend on the size of the amount withdrawn?4. Is there another way, to get the money (cash gift or transfer from the US account) to minimize the amount of taxes? such as society or trust? (for amounts lower and greater than US $100,000)5. Do US banks have to report to the IRS and other countries the size of the transfers? (meaning that I would get a tax report from my bankto file with the IRS or other financial institutions)6. I will apply to become a US-citizen in the future. Do you know the implications of this cash gift for my application as a US-citizen? (This is more of an immigration question, but maybe you had dealt with customers with similar situations)Thank you.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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How are life estates handled in exit tax forms if you

How are life estates handled in exit tax forms if you renounce us citizenship prior to the life estate expiring

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Robin D.

Vocational, Technical or Trade School

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I am a trailing spouse on a G-4 visa. My husband works at an

I am a trailing spouse on a G-4 visa. My husband works at an international organization, and is tax exempt. I work at a production company. As such, I am obliged to file and pay US taxes.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: HOWEVER, I am told that I cannot deduct mortgage interest. This seems to be aggressively unfair, as the result is that I am effectively taxed at a higher rate.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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My mother recently passed away at the age of 94. At her

My mother recently passed away at the age of 94. At her passing it was found that of the four brothers only two were in her will. An over sight in her late years. The two brother that were included in the will agreed to split the money. The funds are distributed in their names and they are splitting the funds with us.How do spit the taxes up?Can our brother 1099 us for our shares and claim the discounted values on their taxes.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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Gift taxes questions - general overview - impact to the

Gift taxes questions- general overview- impact to the giver (reporting/paying gift tax)- impact to the recipient (reporting/paying gift tax)

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Mark Taylor

Certified Public Accountant

Masters

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332 satisfied customers
My dad asked you a question back in May about

DOUG.........my dad asked you a question back in May about "gifting" $50,000 to my brother and me. I am his son, Jim. We live in New Jersey. You said "just write out two checks for $50,000 and deposit them at your bank." You said that dad would have to fill out a Form 709 with next year's IRS return and we wouldn't have to report the money on our tax returns. Now, my brother, without my knowing, contacted a financial adviser who he knows and was told that depositing any check amount over $10,000 will incur income taxes on our part and that the teller at the bank would present us with an IRS form to be filled out on the spot. I am totally confused. Which is it? Taxes or not?

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Mark Taylor

Certified Public Accountant

Masters

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332 satisfied customers
My mother recently gifted me some money to help with a down

My mother recently gifted me some money to help with a down payment of a house $235,000. The amount is way over the 14,000 exclusion. Neither of us were aware of the gifting tax laws and now I want to pay that gift back. If I pay the gift back can she avoid paying the taxes?

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Robin D.

Vocational, Technical or Trade School

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20,596 satisfied customers
Imagine 250,000 people gathered in central park because they

imagine 250,000 people gathered in central park because they believed in a gifting method (a way to share money) and theoretically this method worked like this: All 250k people would pool $10 together to create a pot of $2,500,000 and then 125 people would randomly be selected to receive $20,000. If all 250k people signed a waiver that said I am donating my $10 to this group and I give my $10 to who ever we select randomly, then could the participants that selected receive the money tax free?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,742 satisfied customers
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