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My 80 year old mother took out 20,000 out of her Account to
my 80 year old mother took out 20,000 out of her Edwards Jones Account to gift me her daughter. she also gifted my husband. now the IRS is saying she has to pay over 7000.00 tax on that amount? Are gi… read more
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My daughter is 21 and she has a Cloverdell Educational
My daughter is 21 and she has a Cloverdell Educational Savings Account that we set up for her when she was about 3. It has $31,000 in it. My wife and I are in deep debt and my daughter is not going to… read more
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My question is on my (me and my wife's) 2017 Federal Income tax filing and claiming my daughter as a dependent on my return verses my daughter claiming the deduction on her tax return. I need a respon… read more
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My mother had me on her account for years but the bank
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I have 529 for my daughter. Her grandparents gave her $2000
Hello, I have 529 for my daughter. Her grandparents gave her $2000 as a birthday gift. Can I deposit this amount in my checking account and then transfer it to her 529 account . My checking is linked … read more
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How much money (or value in a car0 can I donate to a
how much money (or value in a car0 can I donate to a daughter a year without tax consequences … read more
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My mother is getting ready to sell her home in Georgia and
My mother is getting ready to sell her home in Georgia and purchase a condo in Tennessee. We want to put the condo in my name, I am her daughter. What tax implications would there be? … read more
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Scenario: Mom and sister joint bank account owners. Sister
Scenario: Mom and sister joint bank account owners. Sister takes all mom's money from the account and puts it into own bank account. Is she liable to pay taxes on it? Mom is 91, the proceeds in the ac… read more
Robin D.
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Will gift from grandparents be under annual gift tax?
My dependent daughter got gift from grandparents for college. It is 28K (2x14K), she deposited it in her account. Can she give that to us without tax issues and we spend for her?… read more
Lane
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My daughter who is away at college received a letter during
My daughter who is away at college received a letter during tax season, from the IRS trying to verify a return she didn't file. She replied to website online to verify it wasn't her, and that she woul… read more
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Is there any way I can pay off $80,000 on my daughter's
Is there any way I can pay off $80,000 on my daughter's college loan balance without incurring taxes?… read more
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My daughter has 3 accounts at our bank. Our names, her parents,
My daughter has 3 accounts at our bank. Our names, her parents, are also seen on two of these accounts (checking and the one we dubbed as an education savings account) and the third one (another savin… read more
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I live in Arizona and my wife will retire in 18 months. She
I live in Arizona and my wife will retire in 18 months. She is currently in a defined benefit pension which allows her to name either myself or our 28 year old daughter as beneficiary in the event of … read more
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My brother who is on disability and his daughter live with
My brother who is on disability and his daughter live with me. I provide room and board, food. I support his daughter and I usually claim her as a dependent on her taxes. She is now college aged and r… read more
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HELP! I have asked this question to a couple of CPAs in our
HELP! I have asked this question to a couple of CPA's in our area and amazingly they don't know! My mother wants to help us pay some of our daughter's college tuition starting this fall, thankfully. H… read more
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I have a special needs trust for my seven year old daughter.
I have a special needs trust for my seven year old daughter. It is a complex trust, not a pass through trust. She earned 15,000 last year in cap gains and dividends. I want to distribute 7,000 to put … read more
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I am divorced with a 19 yr old daughter in college. I have
I am remarried with a 19 yr old daughter in college. I have full custody but dad (ex-husband) filled out the FAFSA form and claims her as a tax deduction. I pay 1/2 of her college tuition. We received… read more
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