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If someone gave a gift of $475000 to her niece 5 years ago
If someone gave a gift of $475000 to her niece 5 years ago without reporting the gift or paying gift tax. What should the donor and donee do now? … read more
Lev
Lev
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Bachelor's Degree Equivalent
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Here is the Problem I need help with: Prior to 2011, gave
Here is the Problem I need help with: Prior to 2011, ***** ***** gave gifts to her granddaughter as follows: 2008: $62,000 2009: $43,000 2010: $20,000 The gift exclusion amount in 2008 was $12,000 and… read more
Megan C
Megan C
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Gave property to my daughter in October of 2008 in the State
Gave property to my daughter in October of 2008 in the State of Oklahoma valued at 1.5 million. There is no gift tax in oklahoma up to 2 million dollars. I never filed form 709. what do I have to do?… read more
RD
RD
Self Employed
Master's Degree
5,572 satisfied customers
My fiance and I bought a house together in Maryland (our permanent
My fiance and I bought a house together in Maryland (our permanent residence) and file individual returns. Am I correct that the sale of our old house and purchase of our new house should only be clai… read more
RD
RD
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if my 76 year old mother wants to buy a house and put it in
if my 76 year old mother wants to buy a house and put it in my name, what are the tax implications???… read more
RD
RD
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I received a letter, CP2000, from the IRS. Ive found I did
I received a letter, CP2000, from the IRS. I've found I did make a mistake when I filed my 2008 taxes. Is it too late to file an admended return for 25008 tax year? If not, can I claim other things I … read more
Merlo
Merlo
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Hi. I would like to give $130,000 (in 2009) to a relative
Hi. I would like to give $130,000 (in 2009) to a relative to help buy a house. I know that I can only give $13,000 myself. Can I give $13,000 each to 9 other relatives so that they can then each give … read more
RD
RD
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Master's Degree
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A & B own 80% and 20% interest respectively in an LLC. In
A & B own 80% and 20% interest respectively in an LLC. In 2008, A wanted to transfer 40% of his interest to B without incurring a taxable event. How can he do it?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
i have a family limited partnership made in 2000 iwant to
i have a family limited partnership made in 2000 iwant to make my one time 1 million lifetime gift to my 2 children into the family partnership does i have a hedge fund now worth approx 1 million it h… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I have a country mini farm (10.5 acres) in NC. I want to give
I have a country mini farm (10.5 acres) in NC. I want to give this to my daughter. Are there any taxes I should know about.… read more
RD
RD
Self Employed
Master's Degree
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my mom wants to transfer the house to me but the lawyer that
my mom want's to transfer the house to me but the lawyer that is doing work on her trust said that if she gives me the house i have to pay taxes . so he is looking to see if there is away around . so … read more
RD
RD
Self Employed
Master's Degree
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Say one wants to give a gift of $12,000 to 3 people. A gift
Say one wants to give a gift of $12,000 to 3 people. A gift tax form is not due to the IRS because of the $12,000 annual exclusion limit per person. If one's income is 100,000, and 3 gifts are given o… read more
Merlo
Merlo
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Can my parents simply give me $400,000 toward the purchase
Can my parents simply give me $400,000 toward the purchase of my home? How can we get around the gift tax?… read more
RD
RD
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Master's Degree
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Hello, My husband and I live in Corsicana,Tx. My husbands
Hello, My husband and I live in Corsicana,Tx. My husbands parents are going to deed us 39 acres of land. My question, is there a limit of property to be given in such a manner without being penalized … read more
RD
RD
Self Employed
Master's Degree
5,572 satisfied customers
I own a second residence that I want to sell to my daughter
I own a second residence that I want to sell to my daughter for $1.00. I purchased this condo in 1984 for approximately $80,000. Would I need to pay capital gain taxes on this sale being this is not m… read more
RD
RD
Self Employed
Master's Degree
5,572 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
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Bachelor's Degree
6,994 satisfied customers
My father who is 74 years old became ill. I met with an attorney
My father who is 74 years old became ill. I met with an attorney who deals with estate and Medicare law. She instructed me to have my father "gift" his money and property due to the 5 year lookback pe… read more
RD
RD
Self Employed
Master's Degree
5,572 satisfied customers
I would lie to gift land (20 acres) to My Siter-in-law and ...
I would lie to gift land (20 acres) to My Siter-in-law and brother-in-law. Is this possible with out being taxed. Also, if My Sister-in-law and her husband would sell this land what are their tax obli… read more
RD
RD
Self Employed
Master's Degree
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