Tax

Have a tax question? Ask a tax Expert

Connect one-on-one with {0} who will answer your question

Related Tax Questions
Life Estate Tax Value A piece of farm land owned by parents.
Life Estate Tax ValueA piece of farm land owned by parents.1. If this was put into a life estate for their care. Father passed away then mother. The adult children (trust) now own the property. What b… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
2,214 satisfied customers
An elderly widow has a home with a cost basis of 150,000.
An elderly widow has a home with a cost basis of 150,000. Its fair market value is 500,000. If she gifts it to her 2 adult children, does she have to report 100,000 of gain on the gift tax return (if … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
3,315 satisfied customers
I am the trustee for my aunt's irrevocable trust. She died
I am the trustee for my aunt's irrevocable trust. She died in February. Can I as the trustee gift money from the proceeds in the trust to some of the beneficiaries including myself prior to distributi… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,512 satisfied customers
My soon to be ex purchased a coop apt for his parents to
For Lane,Good morning,My soon to be ex purchased a coop apt for his parents to live in. They both past away without a will. My husband transferred the coop shares out of the families trust into his na… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,747 satisfied customers
Lane, (following the laws) I wish to be the Trustee and one
Lane, (following the laws) I wish to be the Trustee and one of the beneficiaries of an Irrevokable Trust that is the Shareholder of the C Corp. previously discussed. I am aware I can not be the "Grant… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,747 satisfied customers
I want to fund a Irrevocable trust fund without incurring
Hi !! I want to fund a Irrevocable trust fund without incurring gift taxes. My thought was to gift $14 K to the fund and the ask several other relatives and friends to do the same. In turn, I would th… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
3,315 satisfied customers
I'm not a listed beneficiary in a living trust; the
I'm not a listed beneficiary in a living trust; the beneficiaries had the Trustee send me a $25K check. Accountant doing the trust's taxes is sending me a K-1 for that payment. Is the $25K a "gift" or… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
3,315 satisfied customers
My name is ***** ***** I am trying to see if transferring an
Customer: My name is ***** ***** I am trying to see if transferring an asset (my personal home) out of an irrevocable trust to my living trust is a taxable event … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,512 satisfied customers
I would like to gift appreciated stock or cash to my child,
I would like to gift appreciated stock or cash to my child, using the $14k/year allowance. It would be held in a [irrevocable] trust until the age of 27. If I setup a close relative to administer the … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,470 satisfied customers
Does the sale of a personal residence that was transferred
Does the sale of a personal residence that was transferred to an irrevocable trust become taxable to its beneficiaries? Can the transfer be treated as a gift to the beneficiaries so there is no capita… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,747 satisfied customers
My mom passed this year, father is surving spouse. They have
My mom passed this year, father is surving spouse. They have a trust and my sister is teh successor trustee. My family home was sold and my dad wants to divide the proceeds among his children. The tru… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,470 satisfied customers
Elder law question Mother in law need to gift away over 600k
Elder law question Mother in law need to gift away over 600k to get her estate down under one million dollars I understand the 14,500 per year and if it more the 14K she will after fill out a IRS form… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,470 satisfied customers
My uncle has an irrevocable trust and it is taxed under his
My uncle has an irrevocable trust and it is taxed under his tax id # (social security number). He is the grantor, but I am the trustee. He opened up a bank account with this irrevocable trust under hi… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
Family farm in Irrevocable trust. Do we have to pay ...
Family farm in Irrevocable trust. Do we have to pay capitol gains on income from sale of land from the time of first ownership ofland in early 1930''s to today? Land in Minnesota… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
We have an irrevocable trust and our local bank is the ...
We have an irrevocable trust and our local bank is the trustee. The trust has insurance which we are going to cut in half. The trust has a large cash value to pay the current insurance up to the year … read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
I bought property and put it into an irrevocable trust for ...
I bought property and put it into an irrevocable trust for my two children, they receive it upon my death. Can they change the trust and replace me ( The trustee) Kathy… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
Irrevocable Trusts. Are transfers of stock and cash from ...
Irrevocable Trusts. Are transfers of stock and cash from one irrevocable trust to another irrevocable trust allowed and is it taxable or tax free? The trustees are the same, but the beneficiaries are … read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
Are there any tax issues and is it legal if and when land ...
Are there any tax issues and is it legal if and when some land and common stock are transferred out of a irrevocable trust by the trustee and given to the beneficiaries before the death of the person … read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 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.

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 >

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