Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

My dear old Dad is, unfortunately, fading. Question is: He…

Customer Question
My dear old Dad...

My dear old Dad is, unfortunately, fading. Question is: He wants to leave $1.5 million to his kids

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Tax liability under new tax laws?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Just answer the question posed.

Submitted: 3 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 2 minutes by:
1/2/2018
Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,610
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Ask Your Own Tax Question
Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 months ago

For 2018, the estate and gift tax exemption is $5.6 million per individual, up from $5.49 million in 2017. That means an individual can leave $5.6 million to heirs and pay no federal estate or gift tax.

The new law exempts about $11 million for individuals

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

Ask Your Own Tax Question
Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 months ago

Hello, just checking back to see if the answer addressed your question.

Ask Your Own Tax Question
Was this answer helpful?
Ask Robin D. Your Own Question
Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,610
17,610 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

Robin D. 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

4,451 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

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

Robin D.

Robin D.

Senior Tax Advisor 4

17,610 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
If there is no federal tax liability in 2016 because there
If there is no federal tax liability in 2016 because there was no income in 2016, what is the minimum estimated tax that needs to be sent with the extension for 2017 to avoid a penalty?… read more
abci168
abci168
Principal
27 satisfied customers
Canadian Tax law: Is there something in Canada for real
Canadian Tax law:Hi, Is there something in Canada for real estate like this tax loop hole in USA?In USA you can differ your taxes to a later date using your real estate investments. I need to know how… read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
I have an IRS tax law question regarding forms need to file
I have an IRS tax law question regarding forms need to file an extension on filing a form 1041. Need a tax professional from California to respond. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
We would like to confirm that under the 2018 tax law, if we
We would like to confirm that under the 2018 tax law, if we sell our home without qualifying for the primary residence exemption, then the amount of the capital gain is included in the income that det… read more
abci168
abci168
Principal
27 satisfied customers
Topic: tax law Probate law. deceased person received $$ in
Topic: tax law Probate law. deceased person received $$ in 2017, (reissued check) which was initially a check dated 2015 and reported on a w-2 in 2015 and related federal taxes were withheld on the w-… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,064 satisfied customers
Is there a new tax law that you cannot claim a home office
Is there a new tax law that you cannot claim a home office on tax?Macy is regarding a one bedroom apartment in New York City.Thank you… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Trying to understand the gift tax law. My parents own a home
My parents own a home I and my wife and 4 children are living in … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,451 satisfied customers
Tax law question. We bought a company in 2011. The previous
Tax law question. We bought a company in 2011. The previous owner financed it for us. Are our payments for the company a deductible expense?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Taxes. In regards to the new tax laws. The child credit.
Taxes.In regards ***** ***** new tax laws.The child credit. Please explain. I have 4 kids. Is it a deduction or a credit. And is there a limit and I believe I read It's 2k per kid. Do you simply get c… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
The new federal tax law doubles the amount of money that's
The new federal tax law doubles the amount of money that's automatically exempt from the federal estate tax -- to roughly $11 million of an estate for someone who was unmarried. The provision remains … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Since my withholding changed with the new tax law should I
Since my withholding changed with the new tax law should I continue to pay that amount to prevent a large tax bill next Ap 2018? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I understand the new tax law just passed waives the penalty
I understand the new tax law just passed waives the penalty for withdrawal of retirement and that a reduction of the casualty loss by 10% of income is no longer taken. I have also been told that the c… read more
abci168
abci168
Principal
27 satisfied customers
I have an S-corp in CA and I heard that the new tax laws are
I have an S-corp in CA and I heard that the new tax laws are not favorable to S-corps. Can you help explain what are the new tax implications for S-corps under the new tax laws?… read more
Carter McBride
Carter McBride
LLM
966 satisfied customers
New tax law —— I know that the law says: no to the
New tax law —— I know that the law says : no to the deductibility of Home Equity Loans. My question - if the funds are used exclusively or rental property and they can be traced or identified - any su… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
With the passage of the new trump tax law, what will be the
with the passage of the new trump tax law, what will be the best careers in accounting or finance to pursue?… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
921 satisfied customers
Interested in information about new tax laws and their
Interested in information about new tax laws and their effect on S Corporations … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Not sure if this is considered tax law or employment law,
Not sure if this is considered tax law or employment law, but...I worked overseas and would file my own taxes and get foreign tax credits. 2 years ago, company changed policy and said they would pay t… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,064 satisfied customers
REGARDING THE FEDERAL TAX LAW INTHE US. IF ONE RECEIVES
REGARDING THE FEDERAL TAX LAW INTHE US. IF ONE RECEIVES ALIMONY PAYMENTS, WHAT CAN QUALIFY AS TO ***** REDUCE THE TAX ON THE ALIMONY RECEIVED ? CAN BUSINESS LOSES BE CARRIED OVER TO REDUCE THE TAX ON … read more
Robin D.
Robin D.
Senior Tax Advisor 4
17,610 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