Legal

Ask a Lawyer and Get Answers to Your Legal Questions

Ask a Lawyer,
Get an Answer ASAP!

Legal
This answer was rated:

This question is: in continuation to my last question about…

This question is for Maverick...
This question is for Maverick: Hello, in continuation to my last question about joint tenantship between son and father, I would like to know since son is contributing 28k instead of 77k which is half of his own share, do you think he can receive gifts of $28k from both parents, and rest of 21k from grandparents to make up for his 50%, without having to do an S corporation.
Show More
Show Less
Ask Your Own Legal Question
Answered in 15 minutes by:
6/28/2016
Maverick
Maverick, Attorney
Category: Legal
Satisfied Customers: 6,426
Experience: 20 years experience as a civil trial and appellate lawyer
Verified

Yes, if you are trying to avoid gift taxes, that is no problem here. As a general rule, Maryland and most all other states do not impose taxes on gifts. The federal government does, however, your scenario fall under an exclusion. Under federal law, each person may give away up to $5.25 million throughout his/her lifetime, or up to $14,000 a year to any number of recipients, without paying a cent in gift taxes.

In your case 14k from mom and 14k from dad = 28k; and about 11k from each grandparent makes up the balance and none of you would pay a gift tax here.

Is this what you are asking?

Ask Your Own Legal Question
Customer reply replied 1 year ago
thanx.
Customer reply replied 1 year ago
or if grandparents dont give can v do a IRS 709 as parents giving him additional 21k? what will b tax implication for the 21k & doing 709 ?

As parents, your total gifts of approximately $49k are called taxable gifts because they exceed the $28k combined annual exclusion. But you won’t actually owe any gift tax unless you’ve exhausted your lifetime exemption amount of just over 5 million dollars.

Assuming you haven’t, the two taxable gifts simply reduce your lifetime exemption by $21k [($49k - 28k = $21k].

So still no tax consequence.

Ask Your Own Legal Question
Customer reply replied 1 year ago
but since the 21k exceeds the 28k for 2 parents within one year, doesn't dad have to do a 709 for the 21k even if he doesn't pay any gift tax . thanks

Yes, you must file a gift tax return (whether or not any tax is ultimately due) if you gave gifts to someone totaling more than $14,000 (other than to your spouse). Thus, you must file Form 709. There are exceptions for this but they do not appear to apply in your case.

Maverick
Maverick, Attorney
Category: Legal
Satisfied Customers: 6,426
Experience: 20 years experience as a civil trial and appellate lawyer
Verified
Maverick and 87 other Legal Specialists are ready to help you
Ask your own question now
Customer reply replied 1 year ago
thanks so much
Was this answer helpful?
Ask Maverick Your Own Question
Maverick
Maverick
Maverick, Attorney
Category: Legal
Satisfied Customers: 6,426
6,426 Satisfied Customers
Experience: 20 years experience as a civil trial and appellate lawyer

Maverick 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:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Not only did he answer my Michigan divorce question but was also able to help me out with it, too. I have since won my legal case on this matter and thank you so much for it.

LeeMichigan

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

8,775 satisfied customers

JD, BBA Over 25 years legal and business experience.

Ely

Ely

Counselor at Law

24,353 satisfied customers

Private practice with focus on family, criminal, PI, consumer protection, and business consultation.

INFOLAWYER

INFOLAWYER

Attorney

20,727 satisfied customers

Licensed attorney helping individuals and businesses

JPEsq

JPEsq

Attorney

2,132 satisfied customers

Experience as general attorney, in house counsel, SSDI, Family Law attorney, and law professor

Law Educator, Esq.

Law Educator, Esq.

Attorney

42,358 satisfied customers

JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law

Ellen

Ellen

Lawyer, Consultant

8,238 satisfied customers

25 years of experience helping people like you.

Guillermo J. Senmartin, Esq.

Guillermo J. Senmartin, Esq.

Attorney

292 satisfied customers

7+ years of experience handling various legal matters.

< Previous | Next >

Related Legal Questions
Getting ready to setup a s corporation in Florida and I need
Getting ready to setup a s corporation in Florida and I need to know the right amount of Shares to create it with. My Wife is going to be the main owner and then we are going to get a few ( very few )… read more
Lori
Lori
Juris Doctor
602 satisfied customers
I own 66% of an S Corporation and my uncle own the other
I own 66% of an S Corporation and my uncle own the other 33%. Because of his age and other circumstances he is willing to gift me his 33% or sell it to me cheap—whatever is easiest. The company is sma… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
Can a salary non-exempt employee be paid less than the
Can a salary non-exempt employee be paid less than the 455.00 a week ? Does the final rule over ride this old standard? … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
8,283 satisfied customers
I recently tried to claim a homestead exemption in Florida
I recently tried to claim a homestead exemption in Florida this year and was told at the country property appraiser's office that I need to provide tons of information. Here is the situation:1. I am l… read more
Edward Young
Edward Young
Juris Doctor
206 satisfied customers
I am a physician partner (one of 7) in an S-corporation that
I am a physician partner (one of 7) in an S-corporation that is about to file for Chapter 11 bankruptcy. We have all not been paid by the company since November, as part of an unsuccessful attempt to … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
8,283 satisfied customers
When an employee completes a Claim of Exemption and Request
When an employee completes a Claim of Exemption and Request for Hearing on a Garnishment, do I continue the garnishment until the results of the hearing are known or does it "pause" the garnishment?… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
8,283 satisfied customers
Bankruptcy question: I don't understand how the exemptions
Second opinion] Bankruptcy question: I don't understand how the exemptions work when you have moved from one state to another. I understand how you determine which exemptions apply and where you shoul… read more
Michael Bradley
Michael Bradley
JD
1,204 satisfied customers
I filed to dissolve an illinois s corporation that has 0
I filed to dissolve an illinois s corporation that has 0 assets. The paperwork was sent certified mail yesterday. The IRS is trying to get me to pay late filing fees for my 1120 forms. I submitted a r… read more
Blake
Blake
J.D.
83 satisfied customers
I need a religious vaccine exemption letter for an adult.
hi i need a religious vaccine exemption letter for an adult. how can i get one? … read more
Nisha Jones, Esq.
Nisha Jones, Esq.
Juris Doctorate
2,144 satisfied customers
I need to know what the personal exemptions are for business
I need to know what the personal exemptions are for business bankruptcy in the State of Maryland. If the business, for example, has $250K in debt and were to declare bankruptcy and that amount is pers… read more
Ray
Ray
Lawyer
Doctoral Degree
31,355 satisfied customers
I have a court date for a claim for exemption and wage
i have a court date for a claim for exemption and wage granshiment but im not employed so what do i do … read more
Ray
Ray
Lawyer
Doctoral Degree
31,355 satisfied customers
Are newspaper carriers exempt for the enforcement of the
Are newspaper carriers exempt for the enforcement of the Arizona seatbelt law while they are engaged in the duties of delivering the newspapers? … read more
P. Simmons
P. Simmons
Attorney
Doctoral Degree
35,583 satisfied customers
I want to buy shares in a Delaware S Corporation with one
I want to buy shares in a Delaware S Corporation with one stockholder. We have agreed on the per share price and the number of shares to be purchased. Can this be done with a simple sales contract? … read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
1,061 satisfied customers
I own a Sub S corporation "A" My Son owns a Off Shore Exempt
Corporation "A" wishes to sell its Intellectual Property (TradeMark, Copyrights) to Corporation "B"… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
8,283 satisfied customers
I am a US Citizen. I incorporated a S Corporation. I am
I am a US Citizen. I incorporated a S Corporation. I am planning to borrow money from few friends of mine for a fixed annual rate of interest. I am planning to use that money to invest in the stock ma… read more
Gerald, Esq
Gerald, Esq
Juris Doctor
3,681 satisfied customers
Does an S Corporation doing business in NY with both owners
Does an S Corporation doing business in NY with both owners being the only 2 employees, do we need workers comp insurance or a waiver from the DOL.… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
8,283 satisfied customers
I was employed by an S Corporation as President/CEO. At the
I was employed by an S Corporation as President/CEO. At the time of the recession 2008 I was owed $16,316 incentive compensation as contained in my employment agreement. The bank and the company enter… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
8,283 satisfied customers
I am in a business partnership with husband. S. Corporation.
I am in a business partnership with husband. S. Corporation. 50% / 50%. It's a Preschool. It is licenses under my name. After 12 years of being sole proprietor we formed S. Corporation It's becoming i… read more
ScottyMacEsq
ScottyMacEsq
Doctoral Degree
17,460 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x