Join the 9 million people who found a smarter way to get Expert help

Recent Taxable Gifts questions

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.

Read more

Mark Taylor

Certified Public Accountant

Masters

1,296 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?

Read more

Mark Taylor

Certified Public Accountant

Masters

1,296 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?

Read more

Mark Taylor

Certified Public Accountant

Masters

1,296 satisfied customers
Paying taxes of deed for $1 I live in Michigan state and I

Paying taxes for transfer of deed for $1I live in Michigan state and I have a condominium in Chicago,paid off,.it's currently rented..I want to transfer the deed to my aunt,for $1.How will I declare this transaction on my 2016 Tax Return?Will I have to pay any taxes on it,on the value??What about my aunt,will she have to pay anything ,when she files her 2016 tax return?

Read more

Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
Thank you assistance. Basically I want to buy an apartment

Hi Pearl, thank you for your assistance. Basically I want to buy an apartment in Mexico and for that I need to transfer $40,000 USD from the US to Mexico. It would go from my sister's account in the US to my own bank account in Mexico. I am a US citizen but I live in Mexico. It's basically a gift. My sister wants to do everything legal but she also wants to pay the least amount possible in taxes. When she fills out her taxes, is it better if she splits the gift to four different people (myself, my husband, and my two children)? Any other information would be much, much appreciated. Wamr regards, ClaudiaJA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Not sure. Perhaps if she has any questions for me?JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

Read more

Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
Say a decedent's gross estate is below the exclusion amount

Say a decedent's gross estate is below the exclusion amount on lifetime transfers, but during life the decedent's home was deeded away as a gift with a retained life estate and was reported as such on a Form 709. Is there a filing requirement for form 706 (decedent was widowed so no DSUE)?I understand that if there is a filing requirement, the home is supposed to be pulled into the gross estate and listed on Form 706 Schedule G at the date of death value. I also understand there is a new requirement to report cost basis to the IRS and beneficiaries on Form 8971 and Schedule A for filings after July 31, 2015.If an estate tax return is not filed, is the new cost basis: The date-of-death value? The market value at the time of the gift? Or the cost basis of the decedent at the time of the gift?Thanks.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,786 satisfied customers
My fiancée has lived in a house 15 years that is paid for.

My fiancée has lived in a house for over 15 years that is paid for. The house was part of an inheritance that was given to his mother. Therefore, the house is still in her name even though he has lived here that long. We are looking to sell the house now and are concerned about the capital gain taxes. If she turns the deed over to him, will he be subjected to having to pay the capital gains tax on the sale of the house since the deed will not have been in his name for two years? We plan on investing that money into another home purchase.

Read more

Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
Regarding giving money not intended as a gift, but not a

Regarding giving money not intended as a gift, but not a business expense:What if you give money (over $600 and less than $14,000) to a third party, not for work performed but also not as a gift (with the intent of deducting it)? What if it is over $14,000, but not intended as a gift?What if you give your kid $20,000? Does $6,000 need to go onto a gift return that the giver must file?What if you give a third party $20,000? Is it ever income to them if not intended as a gift (or even just $6,000 isn't such that it doesn't hit the payee's lifetime limit)?If I rec'd a $10,000 taxable refund from the state, and $3,000 from excess sales proceeds from a county (from sale at auction of a property taxes were owed on. Profit was made on the property), can I give to a third party (or an ex-wife, but not part of the divorce decree), issue a 1099, and deduct it based on it being taxable to me?

Read more

Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
We built a home on our ranch kids 10 years ago, we're

We built a home on our ranch for our kids 10 years ago, we're selling the ranch & want them to rebuild on their property. We want to give them the money to do this from our proceeds of the sale of the ranch. Will they have to pay IRS taxs on the money?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: No, I think that is it. Thank u.JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

Read more

Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
View more tax questions
In The News