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TAX PROFESSIONAL ONLY ONLY…NO ONE ELSE Gift Tax Return Form
EMC011075 TAX PROFESSIONAL ONLY ONLY…NO ONE ELSE Gift Tax Return Form 709 when not a CHECK I'm under the assumption when reporting gifts from Parent to Child; make sure the Market Value is Correct and… read more
emc011075
emc011075
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Can I withdraw 100,000 (half of my Roth IRA) -take a
Can I withdraw 100,000 (half of my Roth IRA) -take a distribution- and give it to my adult child for a down payment on a home for her? Will it be taxable to her? Is it subject to gift letter amount? a… read more
Barbara
Barbara
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We bought a new home in Virginia in January of 15 and we have
We bought a new home in Virginia in January of 15 and we have been waiting for my in-laws to sell their home with the plan that they would buy our previous primary residence. They will net about 400K … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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My wife and I own a house jointly in New Jersey which we
My wife and I own a house jointly in New Jersey which we will be quit claiming to my daughter. She will be obtaining a home equity loan and wants to gift us $100,000. I understand there is normally a … read more
emc011075
emc011075
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Bachelor's Degree
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Pam -- We gave our son $19K toward downpayment of a house in
Pam -- good morning. We gave our son $19K toward downpayment of a house in 2015. The house is in he and his wife's name. I know we are exempt from the $14K, but how much do we owe on the other $5K? Th… read more
R. Klein, EA
R. Klein, EA
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Master's Degree
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I am 66 years old and would like to give my daughter all of
I am 66 years old and would like to give my daughter all of my IRA (60,000.00). Are there any special advantages doing this? Would I pay tax on the 60,000.00 as income once withdrawn from the IRA. Wou… read more
Peter Griesch
Peter Griesch
686 satisfied customers
As we discussed before because of my SSI we are leaving the
As we discussed before because of my SSI we are leaving the "gifted money " that my brother in Israel is giving to me out of my name. It is going to be gifted to my daughter then my daughter will buy … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,972 satisfied customers
Hello. I have an intestate gift question. My mother-in-law,
Hello. I have an intestate gift question. My mother-in-law, a resident of Guam, died intestate several years ago. Her real property in Guam is being probated now (we paid the taxes over the years) and… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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My daughter starts private college in the fall. I make too
My daughter starts private college in the fall. I make too much money to claim any sort of federal education deductions or credits on my taxes, but my ex-spouse does not. I file as single with no depe… read more
Robin D.
Robin D.
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I GAVE MY SON $360000 AND GAVE MY DAUGHTER $375000 IN 2013. DO
I GAVE MY SON $360000 AND GAVE MY DAUGHTER $375000 IN 2013. DO I HAVE REPORT THESE IN PART 1 OR PART 2, SCHEDULE A, FORM 709? AND, HOW TO FILL IN PART 2, TAX COMPUTATION AND , PAGE 1 AND PART 4, SCHED… read more
CFEPro789
CFEPro789
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Master's Degree
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I am selling a second property I own. The profit will be about
I am selling a second property I own. The profit will be about 45,000$. I want to gift this to my 2 adult daughters equally. How do I pay minimal taxes? I understand I can give them each 14,000$ tax f… read more
Anne
Anne
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Can I gift 14,000 each to my daughter, son in law and grand
Can I gift 14,000 each to my daughter, son in law and grand daughter and also same amounts by my wife and claim exemption from gift tax? do we need to file any form to notigy about our gifts thanks… read more
MequonCPA
MequonCPA
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Good Evening! Wondering if you can help me! My grandparents
Good Evening! Wondering if you can help me! My grandparents passed away fairly recently...we lost my grandfather two years ago and my grandmother a few months ago. Many years ago, there was a will pre… read more
jgordosea
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I have a unique situation for a tax client that I thought I
I have a unique situation for a tax client that I thought I had resolved. The client has now thrown me a curve ball and I need to reconsider how I was going to complete the two tax returns. Here are t… read more
PDtax
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Will I have to pay taxes if I sell my home to my child I ...
Will I have to pay taxes if I sell my home to my child? I am gifting 20% of the equity of the home to them, because they do not qualify for PMI insurance, and we need to make the loan amount 80%. Is t… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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our daughter is getting married in 07 and also is looking
Our daughter is getting married in 07 and also is looking to purchase a home in 07,my wife and i want to give her 90k for the purchase of the home,above the 12k for gift,what is the liability on the 9… read more
Wendy Reed
Wendy Reed
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i WANT TO SELL MY DAUGHTER AND SON-IN-LAW MY HOME.
i WANT TO SELL MY DAUGHTER AND SON-IN-LAW MY HOME. THEY HAVE TOLD ME SOMETHING ABOUT A GIFT EQUITY LETTER. i AM NOT FAMILIAR WITH THAT DOCUMENT. hOW DOES IT WORK? THEY ARE ASKING THAT I SHOW THE PRICE… read more
Ed Johnson
Ed Johnson
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Bachelor's Degree
6,994 satisfied customers
What is the maximum allowable gift one can give to an ...
What is the maximum allowable gift one can give to an adult child? Will that adult chicd need to pay taxes on it?… read more
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Ed Johnson
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