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1.) If parents make a gift of equity to their adult child,
1.) If parents make a gift of equity to their adult child, is it OK if only one of the parents files a Form 709 as long as that parent only uses the 2017 individual lifetime tax credit amount of $2,14… read more
Barbara
Barbara
Enrolled Agent, Paralegal
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Separated Tax payers -Married couple that has separated and
Separated Tax payers -Married couple that has separated and in the process of getting a divorce. Lived a part the last six months of 2017. -Both taxpayers are employed -One child with joint custody 1.… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
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Master's Degree
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Stock as Charitable Donation What is the advantage to the
Stock as Charitable DonationWhat is the advantage to the donor of donating stock to a qualified charitable organization? Does the individual have to record the unrealized gain on the stock?Thanks, JW… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
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My dad is giving me his interest in the LLC in which we are
My dad is giving me his interest in the LLC in which we are the 2 members. How do I calculate the data that goes into Form 709/ Gift Tax Return, Schedule A, Part 1. Especially, columns D and F.Please … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,500 satisfied customers
WHERE on Tax Form 709 (line number and column), Schedule A
WHERE on Tax Form 709 (line number and column), Schedule A would the $14,000 annual gift exclusion be written if I gave two cash gifts to my sons?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,500 satisfied customers
I have a question about “gift splitting”. It is my
I have a question about “gift splitting”. It is my understanding that Married couples may split the value of gifts given together as a couple, which effectively doubles the annual gift exclusion for j… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
30,004 satisfied customers
I own stock that has appreciated over the 5 years that I've
I own stock that has appreciated over the 5 years that I've held it. If I gift the stock to my adult child, who then immediately sells it, what are the tax consequences? My understanding is that: 1) T… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,500 satisfied customers
Taxpayers had a rental property that they gave to their 2
Taxpayers had a rental property that they gave to their 2 adult children in 2014. I need help with filling out the Form 709, to split this 50/50 between the brother and sister (who are each married an… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,500 satisfied customers
I need help filling out Schedule A Part 1 of form 709. My
I need help filling out Schedule A Part 1 of form 709. My wife and I gifted 64,000 to our son and his girlfriend as a downpayment. The check was made out to just my son so I am assuming the gift is ju… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
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On Form 709, how do you complete Schedule C, Part 1 D&E. In
On Form 709, how do you complete Schedule C, Part 1 D&E. In 2012, a mother gave her son and daughter each 150,000. These are the first gifts she has given. The father died in 2011 and has a DSUE of 3,… read more
Lev
Lev
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Bachelor's Degree Equivalent
30,500 satisfied customers
Hi, on income of usd 80k what is federal, state, city, social
Hi, on income of usd 80k what is federal, state, city, social security and other tax payable if filing: 1) married filing separately without any dependant 2) married filing jointly with a wife and chi… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,816 satisfied customers
what is the property tax status if you are married but living
what is the property tax status if you are married but living seperatelyand have not been with my mate for over 1 year. Is it "single" or Married filing Seperate? If you have filed for several years a… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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In November 2009, my wife and I, residents of California, gave
In November 2009, my wife and I, residents of California, gave our son and his wife a house in Minnesota in which they have been living and paying the mortgage for the past ten years. The house had a … read more
Lev
Lev
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Bachelor's Degree Equivalent
30,500 satisfied customers
We have given gifts to each of our 4 children (divided between
We have given gifts to each of our 4 children (divided between my spouse and myself) of $12,500 each this year (2009). We would now like to give them another $12,500 each but don't want to run into a … read more
Dave
Dave
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Bachelor
606 satisfied customers
on a joint tenancy stock how do you figure out the basis for
on a joint tenancy stock how do you figure out the basis for the surviving spouse. technically the deceased spouse purchased all the stocks, and the surviving spouse got the stocks upon the death. do … read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
we are selling out home and I would like to purchase a home
we are selling out home and I would like to purchase a home for my son. I am over 65 years old and will not have to pay taxes on the sale of my home. How do we purchase this home for him and avoid hav… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
If I add an adult child who does not live with me as a joint
If I add an adult child who does not live with me as a joint tenant on my principal residence, will this effect my $250k exclusion from capital gains if I sell my home?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,500 satisfied customers
My father died in 2005. In 2006 I received shares of stock ...
My father died in 2005. In 2006 I received shares of stock as part of an inheritance which I cashed in in 2006. I was heavily taxed on the profit, approximately 1/3 of the value. The value of the stoc… read more
Guru_Guy
Guru_Guy
Doctoral Degree
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