Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

My mother would like to transfer ownership of some mutual…

Customer Question
My mother would like to...
My mother would like to transfer ownership of some mutual fund investments to me. It is in excess of the $14,000 annual exclusion, and below the $5.43 lifetime basic exclusion amount. There are no prior Gifts, and we are both US Citizens. I understand she would file a Gift Tax Form 709 by next April 15.My question is about Form 709. Using a hypothetical example, can you fill out lines 3-20 for me, so I can use it for a reference? Are there State Gift tax implications? She lives in Kansas, and I live in Maryland.
Thank you.Doug
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 16 minutes by:
1/31/2016
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,123
Experience: 35 years tax experience, including four years at a Big 4 firm.
Verified

Hi from just answer. I'm PDtax. I can assist.

The amount of work you need will suggest a price increase fit the example and two state gift tax consequences.

I will post an Offer of Additional Service for that price increase, and can work on this today if we make a deal.

Ask Your Own Tax Question
Customer reply replied 2 years ago
I am considering your offer. Thanks.
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
586 Satisfied Customers
Experience: 10 years experience

Wallstreet Esq. 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:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

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

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I have another question related to Ireland/US taxes and
Hi Barbara,I have another question related to Ireland/US taxes and gifts to a foreign person.If cash is transferred from the daughter in the US (through obtaining a loan either in Ireland or in USA) t… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,674 satisfied customers
I would like to get some clarification on the gift tax. My
I would like to get some clarification on the gift tax. My mother wants to gift my wife and I and my adult children $14000.00 each. My children have told us that they want to gift the money they recei… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
My Mom recently signed someone onto her Condo by giving him
My Mom recently signed someone onto her Condo by giving him half of the ownership by signing a Quick Claim Deed. Is the person being added to the Deed responsible for any Gift taxes to the IRS?… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
We are purchasing a home (wife and I on the title) and
Hello, We are purchasing a home (wife and I on the title) and mother-in-law is putting down at sizable amount ($255k) on the home as a down payment due to her moving in with us. Will this negatively a… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My mother gifted me $125,000 down payment on a home. Will
Hello! My mother gifted me $125,000 for a down payment on a home. Will she have to pay a gift tax on this amount?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
My adult daughter is moving out of state to attend medical
My adult daughter is moving out of state to attend medical school. I intend to directly pay her tuition and any medically related expenses as well as provide her with $14,000 per year. My question: if… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Mother gifted stocks. Does it qualify for annual gift tax exclusion?
My mother purchased a block of stocks held jointly by her and I. They were bought 15 years ago in Hawaii. She agreed to transfer all of the stocks ($120K) to me, whenever I choose to do that. I have b… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
An elderly mother (98) wants to give her son in New Jersey
An elderly mother (98) wants to give her son in New Jersey $100,000, now before she dies. She lives in Nevada. Will either one of them be taxed or can it be considered part of the $million dollar life… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Live in Va. mother with Alz. disease. Do not want her
live in Va. mother with Alz. disease. Do not want her savings used for nursing home payment....how much can she gift money to daughter and granddaughter… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,674 satisfied customers
I am buying my moms for $210,000 with a gift of equity of $40,000.
I am buying my moms for $210,000 with a gift of equity of $40,000. Will she or I have to pay taxes on the gift of equity? I have been living in the house for the past 3 years.… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
My question is related to gifts and their tax implications.
My question is related to gifts and their tax implications. Hypothetical Scenario: My sister gives me $85K as a gift in 2015 and then about 6 months later (the same year) I give $85K to her as a gift.… read more
abci168
abci168
Principal
27 satisfied customers
My wife and I made a gift to our son down payment on a
My wife and I made a gift to our son for a down payment on a house. Say the gift was 50,000. How would my wife and I report this on our tax return? Can my wife and each use a 14,000 gift?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
My mother-in-law (age 96 and in reasonable health) wishes to
My mother-in-law (age 96 and in reasonable health) wishes to gift some of her assets to my wife. She will reserve enough of her assets to supplement her long term care insurance if she needs to be adm… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,512 satisfied customers
My mother in law can no longer live alone, she has fallen twice
My mother in law can no longer live alone, she has fallen twice recently, and so we are preparing to build a new house and move her in with us. She will be paying for the entirety of her house at her … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Hi, my Mother is selling her house. She wants to give her
Hi, my Mother is selling her house. She wants to give her two daughters $75,000 each from the sale of the house. How can she give (gift) them this type of money while avoiding taxes. My father lives w… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
My parents - father (non-US citizen living abroad) and mother
My parents - father (non-US citizen living abroad) and mother (a US citizen living abroad) have a real estate and some cash in the bank both here in the US. Both the real estate and cash are under bot… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
My mother wants to give me a $50,000 as a gift. What are the
My mother wants to give me a $50,000 as a gift. What are the tax implications for both of us?… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
If my mother has a brokerage account worth approximately ...
If my mother has a brokerage account worth approximately $14,000, what is is the most tax efficient manner to transfer it inot my name? Should I take advantage of the annual gift exclusion? IF so, wha… read more
Matt Kesler
Matt Kesler
Business Owner/Law Student
Doctoral Degree
1,646 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