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A person made a gift in the amount of 3 million dollars. At
A person made a gift in the amount of 3 million dollars. At the time of the gift he lived in a state that had no estate tax. Later on this person moved to another state and dies with estate equal to 2… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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This is for Lane. Her argument continues. This is her response
This is for Lane. Her argument continues. This is her response to my rebuttal. Unfortunately, I know very little about gift tax. However, her logic still seems faulty. Can you help with this? Gift tax… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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Customer ...Again this is in reference to the ruling of
Customer ...Again this is in reference to the ruling of the 1985 U.S. Tax Court case of Estate of Hutchinson v. Commissioner. I asked yesterday if in consequence of this ruling, were all the estates t… read more
socrateaser
socrateaser
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Surely there is a tax professional out there who can address
Surely there is a tax professional out there who can address this issue. It is not so terribly complicated. Does anyone want to try this question. Apparently this did not go thru with the correct pric… read more
socrateaser
socrateaser
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This question is submitted in good faith so if you answer well
This question is submitted in good faith so if you answer well there will be a thankful bonus. Before 1976 a successful man could give away up to $30,000 without paying a tax because he had a lifetime… read more
Anne
Anne
Master Tax Preparer
2,601 satisfied customers
I think this question would be simple for someone with years
I think this question would be simple for someone with years of experience in estate taxes. Late last night, I asked the question below addressing it to tax professionals. Someone on your staff finall… read more
Jax Tax
Jax Tax
Senior Tax Attorney
Master's Degree
1,394 satisfied customers
Before the Tax Reform Act of 1976 was passed, the exemptions
Before the Tax Reform Act of 1976 was passed, the exemptions were $60,000 death-time and the $30,000 lifetime. That Act combined the estate and gift taxes into a single unified tax that could be reduc… read more
wm030303
wm030303
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My father died with several HH bonds. His individual children
My father died with several HH bonds. His individual children were co -owners of the bonds. The HH bonds had deferred interest which the heirs received at the time they elected to redeem the bonds. wh… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,569 satisfied customers
My father, transfered title of the family home in Syracuse
My father, transfered title of the family home in Syracuse NY to me 4 years ago. He died in November of this year. The home was bought in the 60's for $30,000 and is now worth approx $150,000 (I had i… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I am trying to understand how the U. S. federal gift tax and
I am trying to understand how the U. S. federal gift tax and estate tax code operated before it was all unified in 1975 or 1976. I need someone knowledgeable of the pre-1970 code as well as the curren… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
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Hi and thanks in advance! The more I research and read the
Hi and thanks in advance! The more I research and read the more confused I get... We are looking to buy a house together with my Dad, and he is ready to give us $130,000 towards this. I'm concerned if… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
Donor gifts 200k to daughter and grandson in 2003. 100k to
Donor gifts 200k to daughter and grandson in 2003. 100k to each. Then in 2008 she gifts 770k to grandson. Is there any gift tax owed in 2008 because it was such a large amount all at once? The toal gi… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
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1 mil gift this year Is that applied to unified credit
If i gifted (1 mil) in a single year to a child, I understand I can give it tax free as long as I apply the gift to my lifetime Gift Exclusion. My question is, Can I give 1 million in a single year or… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
1. I understand that NJ is one state that still has an estate
1. I understand that NJ is one state that still has an estate tax for estates over $675,000. Is the tax only on the amount that exceeds that, or is the entire amount taxed? Also, can the taxable amoun… read more
Bill
Bill
Master's Degree
3,249 satisfied customers
My father is thinking of either gifting or selling me his ...
My father is thinking of either gifting or selling me his house. He will be buying another one. He will have over 4 million when he dies. He is wanting to sell it to me and I will keep the low tax bas… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I have an uncle who is single, His wife died about 4 years ...
I have an uncle who is single, His wife died about 4 years ago. Currently he has a in cash and stocks 1.6M and his house is worth 600K. We have a will set up but are concerned about estate tax. What c… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,569 satisfied customers
If my father and his wife gifts my brother and me a ...
If my father and his wife gifts my brother and me a paid-off house that is worth $360K, how will his gift taxes differ from capital gains taxes? He has never used the unified credit. He retired about … read more
Guru_Guy
Guru_Guy
Doctoral Degree
1,634 satisfied customers
Gifting is a great idea if you can plan ahead of time, and ...
Gifting is a great idea if you can plan ahead of time, and not need the money for your own care. But what about saving all the taxes that are taken from the estate by NJ, when you don't have a 1st deg… read more
Paul Taliefero
Paul Taliefero
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