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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?

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Lev

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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.

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Lev

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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.

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Lane

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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.

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Lev

Retired

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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?

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Lev

Retired

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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.

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Lev

Retired

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I am benificiary of an life insurance trust, It was funded

i am benificiary of an life insurance trust, It was funded by myself over the eyars by returnng the non taxable gift cash received every year by my father and I returned the cash to purchase the insurance.It is 32 years old irrevocable trust. My siblings want to cash out the policy. will we have income tax on this? Is it income or a distributuon of assets we already own? I know there is no tax due on the pauout of the policy when our father dies.

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Richard

Owner

Doctoral Degree

 
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I own stock that has appreciated over the 5 years that I've

I own stock that has appreciated over the 5 years that I've held it. If I gift the stock to my adult child, who then immediately sells it, what are the tax consequences?My understanding is that:1) The tax basis to my child remains the cost at which I bought the stock.2) Capital gains tax is paid at my child's rate.3) The capital gain would be a long-term gain because I got the stock 5 years ago. My child doesn't have to hold the stock for a year beyond the date it is gifted for this to be a long term capital gain.Is my understanding correct? What are the record-keeping requirements on this? Anything else I should know that might trip us up?Thanks.

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Lev

Retired

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24,192 satisfied customers
I want to refinance my mortgage by having my mother co-sign.

I want to refinance my mortgage by having my mother co-sign. To do this she will need to be added to the deed. Does this give her an income tax obligation that she would have to pay income tax on? I'm happy to pay for your time...Thank You, Piper

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Lev

Retired

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24,192 satisfied customers
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