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I have questions regarding house title and gift tax. I am
I have questions regarding house title and gift tax … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
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For tax accountant in USA: I was told by an expert, however
for tax accountant in USA:I was told by an expert, however I want to verify to be sure he's right.If an american called 'andrew' gives a 15k gift to a person named bob. Andrew has 100k in income and b… read more
Barbara
Barbara
Enrolled Agent, Paralegal
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Lev, just to be clear based on the conversation we had
Lev, just to be clear based on the conversation we had yesterday. on the Form8949 I should enter the date acquired and date sold as the same day with the sale price and the cost basis = proceeds. How … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,476 satisfied customers
My daughter-in-law's father died last year. He owned several
My daughter-in-law's father died last year. He owned several houses in town (Boulder, CO). They were in the name of his son, my daughter-in-law's brother. Her father had specified that one house in pa… read more
taxmanrog
taxmanrog
Master's Degree
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My 28 year old single son is buying his 1st house. The price
Hello! My 28 year old single son is buying his 1st house. The price is $239,000. He needs to pay 20% down, which he does not have. I am divorced from his father, but we have decided to both help him. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
23,416 satisfied customers
Continuing previous discussion back in Aug-Sept,15 (Dad -
for Lane: Continuing previous discussion back in Aug-Sept,15 (Dad - NRA, CA trust, ways to optimize transfer of wealth to future generation avoiding unfair NRA tax treatment) ... what if I buy dad's h… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,476 satisfied customers
Looking ways to optimize gift/estate/other if possible
Looking for the ways to optimize gift/estate/other if possible taxes. Only need leading ideas. I will accomplish them into practical forms later w local attorney. Trustor NRA (my Dad, overseas, NRA). … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,476 satisfied customers
I am buying my dads home he owes and the remaining
I am buying my dads home for what he owes and the remaining 50,000 is going to pay off my debt and the down payment, will he have to pay taxes on this gift?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
23,416 satisfied customers
Hi, Im buying a house from my dad here in Michigan. My
Hi, I'm buying a house from my dad here in Michigan. My dad wants to sell it for 100K. To help me with the down payment, we decided that he sets the price of the house to 125K, and then he will give m… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,667 satisfied customers
My husband and I are planning to buy a house. My parents would
My husband and I are planning to buy a house. My parents would like to help us with the down payment by giving us a gift of the order of $70K-$100K. My parents are residents of India, while my husband… read more
wm030303
wm030303
Partner
Bachelor's Degree
110 satisfied customers
Hi, I came to the US as a student, I did get my green card
Hi, I came to the US as a student, I did get my green card in 2009, I am now settled in US and I am trying to buy a house. My family has helped me by depositing a gift cash of $70000 in my foreign ban… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,866 satisfied customers
Hello, If my elderly Dad that lives with me wants to pay my
Hello, If my elderly Dad that lives with me wants to pay my mortgage loan off directly with money from his bank account, is that ok? Or does the IRS need some sort of reporting that he gave me money??… read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,663 satisfied customers
My mother is going to gift me a rental property she owns. My
My mother is going to gift me a rental property she owns. My father recently passed away and she received his 50% of the house at the step up value. She is going to gift me 50% of the house this year,… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
42,097 satisfied customers
I am purchasing my fathers house for $15k (worth $90k) and
I am purchasing my father's house for $15k (worth $90k) and then allowing him to live their rent free. I will pay for real estate taxes and insurance. My question is should I show a purchase for $15k … read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
I am buying a house for 500k. I am putting down 200k and my ...
I am buying a house for 500k. I am putting down 200k and my father is giving me 200k. I will then get a loan for 100k. I am going to close on my purchase as a single male as my sole and seperate prop.… read more
Ed Johnson
Ed Johnson
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Bachelor's Degree
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I am temporarily living in a house in Texas with my ...
I am temporarily living in a house in Texas with my parents. The house was purchased several years ago, with my brother and me on the mortgage (not our parents). This house is meant to be my parents''… read more
RD
RD
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Master's Degree
1,129 satisfied customers
I am a US citizen and my father would like to send me a ...
I am a US citizen and my father who is NOT a resident of US (he is in India) would like to send me a gift of about $30,000 this year so that I can buy a house. Could you please let me know if he can d… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
3,136 satisfied customers
the home i live in was purchased for me in the name of my
The home I live in was purchased for me in the name of my father. I had lived in and rented the home for 4 years and it was being sold by the landlord. My credit is bad due to a nasty divorce so Dad o… read more
Steve -- a.k.a. Oreport
Steve -- a.k.a. Oreport
Self Employed
Master Degree
636 satisfied customers
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