Finance

Have Finance Questions? Ask a Financial Expert Online.

Ask an Expert,
Get an Answer ASAP!

Finance

House equity gift deeds. i plan to sell my house to my

Customer Question
daughter way below appraisal price...
House equity gift deeds. i plan to sell my house to my daughter way below appraisal price. i plan to gift deed the house equity to her. How much can i give her before having penalties and how much are penalties after a certain amount?
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: the house might be appraised at 350,000, i just want to get 150,000 to buy another house when available.
Submitted: 6 months ago.Category: Finance
Show More
Show Less
Ask Your Own Finance Question
Answered in 13 minutes by:
5/9/2017
Financial Professional: Richard, Tax Attorney replied 6 months ago
Richard
Richard, Tax Attorney
Category: Finance
Satisfied Customers: 55,790
Experience: 29 years of experience as a tax, real estate, and business attorney.
Verified

Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

Ask Your Own Finance Question
Financial Professional: Richard, Tax Attorney replied 6 months ago

Good afternoon. You won't need to worry about any taxes or penalties. First, pursuant to Section 102 of the Internal Revenue Code, gifts are not income and thus do not need to be reported on the income tax return. Second, there will be no gift tax consequences. Recipients of gifts are not subject to gift tax. And, there should also be no gift tax due from the donor. Each donor can give $14,000 per year per person under the annual gift exclusion. In addition to that, for any amounts in excess of the $14,000 in a year, each person has a $5,490,000 lifetime exemption....which means a person can give a cumulative amount of up to $5,490,000 in gifts over and above the $14,000 annual gift exclusion amount without incurring gift tax....the donor must file a gift tax return to let the IRS know how much of the lifetime exemption is being used, but there will be no gift tax until cumulative additional gifts have exceeded the $5,490,000.

Thank you so much for allowing me to help you with your question. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (i.e., 4 or 5 stars)(hopefully Excellent/5 stars!). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

Ask Your Own Finance Question
Financial Professional: Richard, Tax Attorney replied 6 months ago

Hi. My screen indicates you've not yet reviewed my response to your question. Please let me know if you did not receive it; if you did not, I will be happy to re-send it! Thank you! Richard

Ask Your Own Finance Question
Customer reply replied 6 months ago
Thank you, ***** ***** seed equity is going ro be around 150,000 or more. I'll report that to the IRS...
Financial Professional: Richard, Tax Attorney replied 6 months ago

You're very welcome. You only need to report on the gift tax return (no tax, simply a report) the amount of the gift in excess of $14,000. :)

If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (i.e., 4 or 5 stars)(hopefully Excellent/5 stars!). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

Ask Your Own Finance Question
Ask Richard Your Own Question
Richard
Richard
Richard, Tax Attorney
Category: Finance
Satisfied Customers: 55,790
55,790 Satisfied Customers
Experience: 29 years of experience as a tax, real estate, and business attorney.

Richard is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,608 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,218 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,919 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
Have a sub s corp rental properties fully depreciated wish
Have a sub s corp rental properties fully depreciated wish to do a joint venture not a sale or transfer of property.. How can this be done without triggering capital gains? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a looming $3000 in s/t cap gain & 34,000 in l/t cap
I have a looming $3000 in s/t cap gain & 34,000 in l/t cap gains & $100k in cash from stock sales.Best way to reduce the tax. Can't I take l/t gains over time. My income this year's was about 35K. I a… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
My wife has a life insurance policy taken out in 1951 by her
my wife has a life insurance policy taken out in 1951 by her parents. it was from the Worcester county institution for savings in Worcester, ma. … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I inherited my father's IRAs. I have accounts with Fidelity
I inherited my father's IRAs. I have accounts with Fidelity and Schwab. One of my Schwab accounts is titled Inherited; the other is listed as a Roth. The Fidelity account is listed as an IRA. My quest… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
What is the difference in payments and total interest on a
What is the difference in payments and total interest on a car loan total of $32,000.00 paid off in three years? Interest rate 4.99% vs 2.99%… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
How to negotiate with auto insurance (Progressive) the
how to negotiate with auto insurance (Progressive) the settlement prince on their offer to total my vehicle after the accident. I see only two vehicles of the exact same kind for sale by the dealers o… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,458 satisfied customers
I currently have a 20 year home equity loan....i'm looking
I currently have a 20 year home equity loan....i'm looking to lower the monthy payments doing a refi HARP loan in Pennsylvania...is that possible with no appraisal?… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
I am a 2 person LLC (partnership) with only 2 part time
I am a 2 person LLC (partnership) with only 2 part time employees (15 hours per week each) and wanted to know what would be the best way to contribute to a retirement plan for the owners only?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am an international student in Louisiana. I have been here
I am an international student in Louisiana. I have been here since 2013 and have NOT filed taxes at all. Do I have to wait until next year's tax season to file taxes for all my past years, or can I do… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,458 satisfied customers
I am about to enter a settlement for a sizable amount. For
I am about to enter a settlement for a sizable amount. For this example lets use $200k, 30% will go to my lawyer and 40% to tax leaving about $60k over. The payment will be made to the lawyers trust t… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
How can we use SBA loan or American bank credit to expand
How can we use SBA loan or American bank credit to expand internationally? 1) for same business segments as we have in USA 2) Totally unrelated business segments than we have in USA?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,458 satisfied customers
I at a California S Corp. due to an ERP glitch a large
I at a California S Corp. due to an ERP glitch a large amount of consignment inventory was not recording in our GL. How would I record this inventory now? How will it affect taxes?… read more
taxmanrog
taxmanrog
Master\u0027s Degree
698 satisfied customers
What costs can be capitalized as leasehold improvements? Can
What costs can be capitalized as leasehold improvements? Can architect and engineer fees be capitalized?… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
How can I obtain Oil Pension Checks? I need to know the Best
JING sent me a message from Lombardi Publishing Corporation.… read more
taxmanrog
taxmanrog
Master\u0027s Degree
698 satisfied customers
My daughter has a small Roth 3K.....she wants to get a
My daughter has a small Roth 3K.....she wants to get a "traditional" IRA thru her bank.....Can she have both or must she convert the Roth… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
I need to have my teeth straightened and repaired, it's
I need to have my teeth straightened and repaired, it's $4000 to have it done. I am 59 and this was unexpected but necessary. I have paid half the cost from my HSA, but that's all I have there and nee… read more
taxmanrog
taxmanrog
Master\u0027s Degree
698 satisfied customers
Why would I want to complete my company finance information
Why would I want to complete my company finance information on DnB.com? Seems if anyone I am working with wants to see it, they can contact me. But, I don't see why I would just post it for anyone to … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,458 satisfied customers
Owner single member LLC. Gross revenue 2017 around $50,000.
Owner single member LLC. Gross revenue 2017 around $50,000. After deductions, maybe around $28,000. Poor credit. Several years of unfiled returns (previously closed business and personal). Years ago I… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,458 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x