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Recent Gift Tax questions

H, Is money sent to Bogata, Colombia from the US taxed. $

HJA: The Expert will know what to do. Please tell me everything you can so the Expert can help you best.Customer: Is money sent to Bogata , Colombia from the US taxed.JA: Is there anything else the Expert should be aware of?Customer: $ 22,000 in 2016

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,910 satisfied customers
I am filling out an IRS Form 709 for 2016. I have all of it

I am filling out an IRS Form 709 for 2016. I have all of it done except for one thing: Schedule C. Line 4 of Schedule C relates to the applicable credit on amount in Line 3. Line 3 only relates to exclusions. What are they talking about?

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Robin D.

Vocational, Technical or Trade School

22,322 satisfied customers
My wife and I are settlors and co-trustees of our revocable

My wife and I are settlors and co-trustees of our revocable living trust. We are 72 years old and have been reviewing our estate planning. We are concerned about the way our annuities are setup. There are 2 non-qualifieds and 2 IRA. All are setup with me as the annuitant and my wife as the primary beneficiary. The 2 non-qualifieds are setup with the Trust as the owner. All are setup with the Trust as the only contingent beneficiary. After we both are deceased All the funds will move to the Trust for total distribution to our adult heirs and the trust will close. Will the Trust be taxed for funds from the annuity? We know the heirs will pay income tax.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: The estate does not exceed the $5M max.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,382 satisfied customers
My parents bought a house for $300000 5 years ago. The house

Hello. My parents bought a house for $300000 5 years ago. The house is now worth $550000. They let my family and I live in it and they lived in a different house that they bought then sold. Currently they are renting. They are moving to a different state and want to get a refi for 400000. They owe 300000 on it. They are giving us the 100000 from the refi to pay off debt. Then we are going to buy the house for 400000. The house is worth 550000. They have not lived in the house before. What are the tax implications. Capital gain etc for the refi and the purchase afterward? Thank you

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Mark Taylor

Certified Public Accountant

Masters

2,584 satisfied customers
I gifted my daughter $50,000 to buy a house but I am not on

I gifted my daughter $50,000 to buy a house but I am not on the mortgage and can't claim any of the interest. I took the money out of my IRA and it puts me up to the 28% tax bracket. I have basically no deductions. Can I deduct anything from that gift?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: My income is actually $33,600 which comes from alimony. I live with the daughter who I gave the money to.

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Robin D.

Vocational, Technical or Trade School

22,322 satisfied customers
$I give my adult daughter $500/month. A couple of questions,

$I give my adult daughter $500/month. A couple of questions, can I write this off as a gift (what if any are the tax benefits to me), have been doing it since 2007. Also on her end, she is doing an appeal on a workers comp claim, the questionnaire asks her to explain any income she had during that 3-month period. Could she say it is a gift from her mother? As far as taxes go, I pay taxes on it (it is from my social security), as part of my income, so there should not be any tax liability on her end, right?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I guess after the accountant reads my question, I will be made aware of any additional info needed.....

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Robin D.

Vocational, Technical or Trade School

22,322 satisfied customers
My grandmother from Taiwan and my grandfather in China both

My grandmother from Taiwan and my grandfather in China both wants to give me a gift of $125,000 USD. Will either sides be taxed? What will happen if they give gifts of this quantity every few years?

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Mark Taylor

Certified Public Accountant

Masters

2,584 satisfied customers
Form 709 - Married couple giving adult child and child's

Form 709 -Good Morning,Married couple giving adult child and child's spouse cash to purchase a house and stocks for a value of $ 346,000. Two questions -1) Can the married couple just file a joint 709 or do you recommend filing separately?2) Under Schedule A, Part 1, Column D - should that amount be the donor's actual basis? Example: If he purchased stock for $ 1000 ten years ago but the current value is $ 3500, Column D would be $ 1000.Thank you,JW

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Robin D.

Vocational, Technical or Trade School

22,322 satisfied customers
An owner of property allows a grown child to rent the

An owner of property allows a grown child to rent the property and keep the rental. Who is legally responsible for reporting the income and paying the taxes on the rental income?

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Richard

Owner

Doctoral Degree

48,564 satisfied customers
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