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Recent Taxable Gifts questions

One final question regarding my previous scenerio; Do the

One final question regarding my previous scenerio; Do the interest transfers (done in percentages) in the LLC, FLP need to be reported as gifts on the form 706? The amounts gifted were all below the gift tax amounts for each year.Example: Value of 10,000,000year one Decedent gave 1% equal to 14k to family memberyear two Decedent gave 1% equal to 14k to family memberReduced estate by 28k and 28k reported schedule G

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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If I deed a property to my daughter with a warranty deed and

If I deed a property to my daughter with a warranty deed and the property is free of debt. Will she owe income taxes on the value of the property?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My daughter is on SSI and SSDI. I deeded it to her with a warranty deed. Then I just wondered if she could end up with a huge income tax debt. She will live in this house forever probably. She just needed a place to live that isn't costly.JA: Is there anything else the Accountant should be aware of?Customer: not that I know of.

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Mark Taylor

Certified Public Accountant

Masters

3,424 satisfied customers
Federal income tax question to determine if gift taxes are

Federal income tax question to determine if gift taxes are involved.JA: What state are you in? It matters because laws vary by location.Customer: OklahomaJA: Has anything been filed or reported?Customer: Purchased a house 13 years ago with my son. I was listed as a co-borrower and also on the deed. Now selling the house. Proceeds from the sale = $64,000. I plan to take $12,000 in expenses and costs related to the sale and have the remainder transferred to my son. Concern is that the IRS may view anything over the $14,000 gift tax amount as a gift and impose taxes accordingly.JA: Anything else you want the lawyer to know before I connect you?Customer: During the first few years my son lived in the house he had two room mates and I wrote-off 2/3 of the mortgage interest as a rental. For the last 8 of the 13 years of ownership he has taken 100% and made all of the payments.

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39,738 satisfied customers
MY wife and I gifted a home to our daughter and son-in-law

MY wife and I gifted a home to our daughter and son-in-law in 2016. I am trying to complete the form 709 for the gift. Can you help me complete the form property?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: The total basis of the home is $135,212 and the FMV of the home is $178,800. On part 1 of the 709 with two donee's and my wife and I splitting the gift, do we show in column D (adjusted basis) and column F (value) 1/2 the value of both (carrying the other half of the value to the other 709 for the other donor)? I hope that makes sense? None of these forms make sense!JA: Is there anything else the Accountant should be aware of?Customer: No, we have agreed to split the gift, and I am aware that both my wife and I will have to file a 709. My question is how we property show this so we can receive full benefit of the exclusions, and count only that portion necessary against our lifetime exemption.

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Lev

Retired

Bachelor's Degree Equivalent

25,422 satisfied customers
I would like to give my 2 nieces 14,000 each for 2017. My

I would like to give my 2 nieces 14,000 each for 2017. My husband have never given any taxable gifts. Do we have to declare taxes on these gifts. They nieces will use the money for getting started in life. Do we pay taxes and do my nieces pay taxes ?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Are you saying I have to talk to an AccountantJA: No. I'm the Accountant's Assistant.Customer: Do we pay the taxes or do my nieces pay taxes of $14000.00 ?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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My 89 yo mother wants to sell me her condo (FMA about

My 89 yo mother wants to sell me her condo (FMA about $500,000). She wants to sell it to me for close to what she paid for it 15 years ago ($255,000). How do we do this legally and what are the tax implications for both myself and her?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I don't think so. Mom is just thinking of doing this before she actually moves in with me. Which will likely be within the year.

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Lev

Retired

Bachelor's Degree Equivalent

25,422 satisfied customers
We have a father that is in his final years. has sold his

we have a father that is in his final years. has sold his house there is approximately 180,000 in the bank. he wants to give each of his 3 kids 60,000 now. Can this be done without paying any taxes.

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Lev

Retired

Bachelor's Degree Equivalent

25,422 satisfied customers
A man & woman are engaged to be married. They just had a

A man & woman are engaged to be married. They just had a baby & the man's parents want to gift them 84,000 for the baby's college education. I am aware that the man's mother & father can each gift him & the baby 14,000 (for a total of 56,000). Can they also each gift the man's fiancé 14,000, or do they have to be married?

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Lev

Retired

Bachelor's Degree Equivalent

25,422 satisfied customers
If I pay my elderly mothers rent over 14000.00 do I have to

If I pay my elderly mothers rent over 14000.00 do I have to report on form 709 as a gift?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I pay my mothers rent.I need to know if is considered a gift?JA: Is there anything else the Accountant should be aware of?Customer: No.

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Mark Taylor

Certified Public Accountant

Masters

3,424 satisfied customers
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