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Recent Taxable Gifts questions

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

2,634 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

2,634 satisfied customers
My sister sold her home ( our mother quitclaimed it to her

My sister sold her home ( our mother quitclaimed it to her years ago) and after paying off the mortgage and related costs she realized a profit of nearly 400k.My sister now wants to split the proceeds with her four siblings-----two of which live in California , one in Texas and one in New Mexico.Her closing statement showed that twelve thousand dollars was charged to pay the Calif.franchise tax board which I think is for sate taxes.Once the 400k is divided and paid to the siblings, do they have to pay federal and or state taxes in their respective states (or does the 12k withheld by escrow cover at least the state due for all recipients .

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Mark Taylor

Certified Public Accountant

Masters

2,634 satisfied customers
What are the rules around unlimited marital yearly

What are the rules around unlimited marital yearly deduction? If one gifts their spouse $50k for example will that $50k be taxed at the receiver's tax rate or the gifter's?

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Robin D.

Vocational, Technical or Trade School

22,366 satisfied customers
Madam: I have some law questions to be filled in. I recently

Dear Sir Madam: I have some law questions to be filled in. I recently inherited some money as a grandchild. The investment was a Mutual Fund Growth Fund. As one of the executors of the estate, I redeemed the account from the stock market last week.1. Redemption Price: $72.07 per share at 3,421.671 Shares = $246,599.832. They already took out the state and federal taxes for Tax Year 2016 (to be filed in 2017).a. $49,338.73 - Federal Portionb. $12,334.68 - State Portionc. $184,296. 42 - Remainder sent as a check to be deposited in the state account.My questions/comments that pertain to the State of Iowa:1. Inheritance - We have 0% as grandchildren in Iowa (this is not a question, just a notation).2. Federal Estate Tax - Yes we would have that, correct?3. State Estate Tax - There is none for Iowa, so 0%, correct?4. Personal Income Tax- An inheritance in and of itself is not considered income so 0%, correct?Thank you for your legal input.

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Barbara

Enrolled Agent, Paralegal

5,978 satisfied customers
A male U.S. citizen has a resident non-citizen spouse. He

A male U.S. citizen has a resident non-citizen spouse. He wishes to establish a joint bank account with her. Is the gift-tax-free amount he can put into the account limited to what he is legally entitled to gift to her each year ($148K for 2016)?

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Dr. Fiona Chen

President

Ph.D.

800 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

2,634 satisfied customers
My parents want to give us $150,000 so that we can pay off

My parents want to give us $150,000 so that we can pay off our house. How do parents report this for tax purposes. How my wife and I report this for tax purposes?

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Mark Taylor

Certified Public Accountant

Masters

2,634 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

2,634 satisfied customers
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