Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
We are wanting to transfer a business property currently
we are wanting to transfer a business property currently owned by 4 family members ( 2 not involved in business)to an LLC owned by the 2 that are as well as 2 other members of the business. depreciati… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,494 satisfied customers
I will be buying a house for my son to live in. He will be a
I will be buying a house for my son to live in. He will be a tenant, paying rent, and I will record the revenue on schedule E and also deduct the mortgage interest, depreciation, and other expenses. H… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
4,994 satisfied customers
Say I make a gift of $60k to my son and £60k to my grandson.
Say I make a gift of $60k to my son and £60k to my grandson. From the IRS' perspective, are there any limitations, restrictions and/or reporting differences due to the fact that one recipient is my so… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
A man & woman are engaged to be married. They just had a
A man & woman are engaged to be married. They just had a baby & the man's parents want to gift them 84,000 for the baby's college education. I am aware that the man's mother & father can each gift him… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,494 satisfied customers
How to establish gifting ownership with a non-resident alien
My wife and her father jointly own two contiguous lots, Lots 40 & 41 respectively. Her father is a nonresident alien. He wants to use the gift tax exclusion for 2016 and 2017 to gift away his 1/2 owne… read more
Richard
Richard
Tax Attorney
Doctoral Degree
57,588 satisfied customers
My 24 year old son, s 2 year old son, and s son's 24 year
My 24 year old son, his 2 year old son, and his son's 24 year old mother have lived with me for the last 8 months, my son only made $14,000 last year, the mother is unemployed, my son plans to claim h… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
This is an estate question , my family has a family llc . opened
this is an estate question , my family has a family llc . opened in 2006 . original membership 40/40/20 myself, my sister, my father . about 4 months ago my dad gifted his 20% of the llc to a gst trus… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
I HAVE A CLIENT THAT WAS GIVEN FIXED ASSETS (190K FMV) FOR
I HAVE A CLIENT THAT WAS GIVEN FIXED ASSETS (190K FMV) FOR A BUSINESS HE STARTED . THE ASSETS WERE FROM A BUSINESS HIS MOTHER AND FATHER RAN. HIS FATHER TOOK ILL AND COULD NO LONGER RUN THE BUSINESS S… read more
Richard
Richard
Tax Attorney
Doctoral Degree
57,588 satisfied customers
Hopefully I can get enough info out to have accurate information
Hopefully I can get enough info out to have accurate information come back. I have read up on a lot of threads regarding "gifting" homes, however have found none on businesses/commercial buildings. My… read more
Barbara
Barbara
Enrolled Agent, Paralegal
15,152 satisfied customers
We setup a family partnership in 2014. Land that my husband
We setup a family partnership in 2014. Land that my husband owns was transferred to the partnership. My question is regarding the capital. Do I put 0 capital for the beginning balance for all the indi… read more
Richard
Richard
Tax Attorney
Doctoral Degree
57,588 satisfied customers
Is there a Gift monetary amount limit given to Son and Daughter
Is there a Gift monetary amount limit given to Son and Daughter re: IRS tax regulations & which publication covers these gift exceptions from taxation liability to donor or recipients. Thank you for y… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
Our family owns and operates an almond farm in California.
Our family owns and operates an almond farm in California. My father and mother are the sole owners. I am thier son and serve as the COO of the Farm. We are going to build a house next to thiers on th… read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,360 satisfied customers
Is there a loophole within gift taxes whereby my wife and I
Is there a loophole within gift taxes whereby my wife and I can give our child 24,000 a year and the child of our couple friends, while they do the same, and repeat with as many able couple friends wi… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,494 satisfied customers
My brother and sister and I each own 9 shares in a C ...
My brother and sister and I each own 9 shares in a C corporation (+/- 27% combined together) whose only asset is some shorefront property with a cottage on it. We have not been successful in getting t… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Is there a tax liabiltiy when you transfer ownership ...
Is there a tax liabiltiy when you transfer ownership (parent) of an annuity from an individual to a irrevocable trust (son is trustee)? My mother owns an annuity and transferred it to a trust with mys… read more
Paul Taliefero
Paul Taliefero
Enrolled Agent
Bachelor Degree
110 satisfied customers
We have a family farm in Iowa which was incorporated in the ...
We have a family farm in Iowa which was incorporated in the 80's during the farm crisis. My mother recently died and the will left parcels of land, not shares, to each child. The corporation was alway… read more
RD
RD
Self Employed
Master's Degree
5,572 satisfied customers
My husband has 25% ownership in a family holding company ...
My husband has 25% ownership in a family holding company with three family members each having 25% interest. The holding company owns and manages three separate family owned corporations with stock in… read more
Jon Andrews
Jon Andrews
CPA
1,498 satisfied customers
Our father signed over ownership of his house to my brother ...
Our father signed over ownership of his house to my brother and I about four years ago. We are selling the property to my son for 200,000.00. Do we have to pay a tax on the money?… 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

57,588 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