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Recent Gift Tax questions

I have a house I am getting ready to sell that has mine and

I have a house I am getting ready to sell that has mine and my father's name on the deed. If I have the check made out to myself and distribute the money to my father, will I still be responsible for %100 of the capital gains tax? My father purchased the house over 50 yrs ago and added my name about 20 yrs ago. I will be filing taxes as single ($250k first time exemption) and my father is married filing jointly ($500k first time exemption). And will I be subject to inheritance tax if I hold on to a portion of the proceeds from the sale for mysel?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,012 satisfied customers
As part of our estate planning we want to put our home in

As part of our estate planning we want to put our home in our daughters name. She is 50. We will maintain the payments and taxes. This to avoid those monies for medicad assessment when or if needed. I am 68 my husband is 71.

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Mark Taylor

Certified Public Accountant

Masters

956 satisfied customers
If we buy a house from my mother inlaw and the selling price

If we buy a house from my mother inlaw and the selling price is 770,000 and she gives us a gift of equity for 470,000 is she going to be hit with taxes even though she bought the house for 696,000? She will be making only 300,000 out of the sale . She will not be making any capital gains out of it. My main concern is she going to be hit with taxes?

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Robin D.

Vocational, Technical or Trade School

20,962 satisfied customers
Tax question. If I collect money from several different

Tax question. If I collect money from several different people (say $3000 each) with their signature that they are giving this money to me strictly as a gift with no expectations. How do I report this money to the IRS to ensure I am doing what they require as far as these gifts are concerned? The law states only gifts that excede the "exeption per person" amount are taxed. But if I collect $20,000 in a year and none of them excede the exception per person amount it seems I should still report this somehow. How does crowd funding compare to this scenario? If I collect $20,000 from a crowd funding campaign, what do I have to do with that money?

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Mark Taylor

Certified Public Accountant

Masters

956 satisfied customers
My brother died recently without a will. Our mother is his

My brother died recently without a will. Our mother is his legal next-of-kin so his estate will go to her. She would like to share it with her children and grandchildren. I understand that she will not have to pay inheritance taxes (estate is less than $500,000). But, if she passes some of that money to her offspring, is that considered by them to be an inheritance (no taxes) or a gift (amount over $14,000 is taxed)? Is there a time limit on such a distribution? Thank you.

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Mark Taylor

Certified Public Accountant

Masters

956 satisfied customers
I have a new client who needs an estate income tax return

I have a new client who needs an estate income tax return (form 1041) filed for his father who died in 2015. His mother died in 2009. His mother and father both had separate personal living trusts and pour over wills. All assets owned by the mother were transferred to his father's personal living trust after her death. There was also marital trust but FMV is below estate tax filing. The son (my client) was made trustee of the living trust after the mother's death. In 2013 the father gifted to his son 50% (without filing a gift tax return) ownership in his Florida condo which was one of the assets in the trust. The Florida condo was the principal residence of the father up to the point of death in 2015. The father lived there for more than 10 years. After the father's death, the son transferred his interest in the condo to the father's estate in 2016. After the condo's transfer to the estate the condo was sold (3rd party) in 2016. Is the estate eligible for the Section 121 home gain exclusion?

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Mark Taylor

Certified Public Accountant

Masters

956 satisfied customers
Both my wife and I are Croatian citizens living in the USA

Both my wife and I are Croatian citizens living in the USA (Louisiana) on L2 and L1 visa respectively. We do not have green cards but we pay tax here in the USA. My wife owns an apartment in Croatia we bought long before moving to the USA. She would like to give that apartment to her father as a gift. He's a Croatian citizen. Approx value of the apartment is 160,000$. From the US tax prospective, would that transaction be taxable and if yes, what would need to be paid?

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Mark Taylor

Certified Public Accountant

Masters

956 satisfied customers
My father wants to give me $75K. Do I have to pay tax on the

My father wants to give me $75K. Do I have to pay tax on the money when I file my personal income tax information?

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Mark Taylor

Certified Public Accountant

Masters

956 satisfied customers
My daughter and son-in law have two children One is 7 and

My daughter and son-in law have two children One is 7 and very special needs. the other is four and fine. His father who resides in Austria, wants to give them about 40k in Euros.How should he do this? Just wire the money? Should I have my son-in law set up two trust accounts, with him as the trustee; kids as beneficiaries? etc. Thanks, ***** ***** this equals about $44,500 USD. We, of course we what to prevent any type of gift tax, transfer tax etc.They are all in Austria now visiting for two weeks, FYI

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,012 satisfied customers
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