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Recent Gift Tax questions

My friend's son has a residence purchased for $950,000 5

My friend's son has a residence purchased for $950,000 5 years ago. The property is worth $2,000,000 today. Rather then sell it and pay capital gains tax, Federal, NYS and NYCJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: his father has offered tp become a 50% owner. Can the father pay $1 for the 50% share? They would then rent the residence. Will the father or son be liable for capital gains tax, at this time, as the 50% was transferred for $1?JA: Is there anything else important you think the Accountant should know?Customer: No.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,772 satisfied customers
I was given 10000 new cds by my father. I gave them all to

I was given 10000 new cds by my father. I gave them all to salvation army and they gave me a receipt and I am going to write off 50,000 dollars. Is there anything I am missing. It sounds too good to be true. I took a picture of all of them and of me standing next to them.

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Robin D.

Vocational, Technical or Trade School

21,226 satisfied customers
My mother left her house to me. I in turn took care of her

My mother left her house to me. I in turn took care of her for 6yrs. I'm concerned of the verbiage "inheritance " and gift??JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My mother left her house to me in her will. I am concerned on verbiage inheritance " and "gifted". Taxes have me concernedJA: Is there anything else important you think the Accountant should know?Customer: Also she was behind 3 yrs of property taxes

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,230 satisfied customers
I am looking for CPA assistance. I am looking to see what

I am looking for CPA assistance.JA: The Expert will know what to do. Please tell me everything you can so the Expert can help you best.Customer: I am looking to see what the taxes would be for the Giver of a Money gift if they gave myself 150,000.JA: Is there anything else the Expert should be aware of?Customer: This giver is single, a father, lives in NH 67 years old. He will be married in 2017. No other children.

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Mark Taylor

Certified Public Accountant

Masters

1,278 satisfied customers
We want to give a son 200K to buy in 2016 a new home while

We want to give a son 200K to buy in 2016 a new home while we are alive. We have a estate of about $1 million to split between to sons. Are we correct that we can give him 14K tax free [or 28K from both of us] and the other 172K must be reported and but it is counted against his future $500K estate split. This means we wil not be tax at all for the gift in 2016.

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Robin D.

Vocational, Technical or Trade School

21,226 satisfied customers
I just want to make sure non-resident aliens DO NOT have to

I just want to make sure non-resident aliens DO NOT have to pay US GIFT TAX when they transfer the following US situs properties to another NRA or foreign corporation?1. Shares of stock in listed US companies, ETFs, mutual funds.2. Shares of stock in privately-held US business entity (partnership, LLC, C-corporation)3. Cash accounts with US banks4. Cash accounts with US brokerage firms5. Bonds issued by US government or US companies.My understanding is that assets in above list are subject to US ESTATE TAX, but NO GIFT TAX, no matter if they are gifted to US citizens or other NRAs. Am I correct? Thanks in advance for your answers.

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Robin D.

Vocational, Technical or Trade School

21,226 satisfied customers
I live in a home where the mortgage/Note is under my parents

HelloJA: Hello. How can we be of help?Customer: I live in a home where the mortgage/Note is under my parents name but I pay the Note payment, taxes and insuranceJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: We want to sell the home and deposit the funds into a joint checking account, so the down payment and capital gains taxes are returned to my parents and the remaining equity can be disbursed to meJA: Is there anything else the Accountant should be aware of?Customer: We want to pay the capital gains from the proceeds return the down payment to my parents and allow for the remaining equity to come to me so I can purchase another home in my name

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ABC Accounting Group

Bachelor's Degree

198 satisfied customers
I would like to gift my daughter $40K to use for a down

I would like to gift my daughter $40K to use for a down payment on a house. this would be a joint gift from my wife and I and we have a paper trail for where it came from, etc so that is not a problem. I am a retired school teacher, 83 years old with a retirement income of about $40 K. What are the IRS restriction on this ( beyond filing a Form 709) I will not be reflected on the house deed in any way. It is a pure gift.Warren

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ABC Accounting Group

Bachelor's Degree

198 satisfied customers
Question for Dr. Fiona. Some appraisers whom I asked to

Question for Dr. Fiona Chen. Some appraisers whom I asked to provide the report were concerned in providing an appraisair report for the IRS casualty loss purposes as they are concerned that IRS can "go after them" in querstioning the report. Is it true or IRS neither have power to talk to the appraiser nor it is what IRS does normaly? In my situation when there is a substantial difference betweeen wht Insurance paid me and what my total claim is (due ot variety of resons described) - to minimize the chances of audit -- am I better of of to provide appraiser reports on paintings and jewlery or hold in providing them if/when I get audited? If there ian an audit -- would that normaly be conducted with my CPA - or the auditor may request to see damaged jewelery pieces and burnt paintings? Can IRS auditor reject appraiser report on paintings and jewelery without IRS hiring their own independent appraiser? I know your answer may say "it depends" - -but I am asking for most likely probability on what is going to happened?

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Dr. Fiona Chen

President

Ph.D.

572 satisfied customers
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