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If someone gave a gift of $475000 to her niece 5 years ago
If someone gave a gift of $475000 to her niece 5 years ago without reporting the gift or paying gift tax. What should the donor and donee do now? … read more
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I've received money from the sale of a business and want to
I've received money from the sale of a business and want to put as much as I can in 529 accounts for each of my 3 children. I want to know what options I have. Some online sources claim I can put $15K… read more
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LEV
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I made 42000 gift to my son last year. Do I have to pay gift
I made 42000 gift to my son last year. Do I have to pay gift tax? Can I deducted the taxable gift (42000 - 14000) tax from my lifetime gift limit? … read more
Carter McBride
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I inherited a UTMA for my daughter a few years ago. I became
Hello. I inherited a UTMA for my daughter a few years ago. I became the custodian after my mother passed away. Our daughter became rebellious and wasn't making good choices, and last spring, when she … read more
LEV
LEV
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I have a gift tax question. I provided a friend with an
I provided a friend with an interest free loan to set up a business. He failed to launch the product and I do not expect any repayment. In terms of filing, do I just need to submit Form 709, or do I need to do anything else? … read more
Robin D.
Robin D.
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I'M single and FILING A GIFT TAX return with several gifts
I'M single and FILING A GIFT TAX return with several gifts over the 14000 annual exclusion totaling 15000. Isn't there an additional exclusion for up $1000,000 and where do you enter it on form 709? … read more
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Do you have experience with gift tax in the state of
Do you have experience with gift tax in the state of Wisconsin? … read more
Robin D.
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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
Robin D.
Robin D.
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I w/d money from my traditional ira to give to my daughter
I w/d money from my traditional ira to give to my daughter for a down payment on her first home do I still pay taxes and is there any break for making it a gift? What is the form 709 used for? Do I ne… read more
Robin D.
Robin D.
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I am interested in opening a 529 account and set my child as
I am interested in opening a 529 account and set my child as the beneficiary. I noticed that the annual contribution limit is $14,000 without gift tax consequence. Are there any other things that shou… read more
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I am interested in applying for 529 plan for my daughter's
I am interested in applying for 529 plan for my daughter's college savings. She is 15 years old next month. There is a cap limit of $14,000 per year without being subject to gift tax. I am also aware … read more
Robin D.
Robin D.
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I was to gift my Daughter money to pay down her student loans.
I was to gift my Daughter money to pay down her student loans. My wife and I can gift her $28000 without gift tax. Can I gift my son the same amount and have him gift it that to my daughter too?… read more
NPVAdvisor
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My son is 100% disabled. He can drive a car with hand controls.
My son is 100% disabled. He can drive a car with hand controls. I would like my wife and I to each give him $14000.00 to buy a handicap van with a lift. I claim him as a dependent on my tax return as … read more
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Bachelor's Degree
14,896 satisfied customers
We put a total of $159,000 in a 529 plan for our daughter,
We put a total of $159,000 in a 529 plan for our daughter, who will enter university in August 2011; the contributions were made in 2002, 2003, 2007, and 2008. I have never filed a 709 form--I did not… read more
Bill
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Taxpayer made a gift to a 529 plan for a greatgrandchild in
Taxpayer made a gift to a 529 plan for a greatgrandchild in the amount that was the equalivant of 5 years of annual gifting in one year. The taxpayer failed to file a gift tax return. Can the taxpayer… read more
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Bachelor's Degree
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i have established a 529 with $60,000. Now I want to pay ...
i have established a 529 with $60,000. Now I want to pay el-hi tuition directly to a private school. Will I have to pay gift tax?… read more
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If I open a 529 account for a child and die, does the value ...
If I open a 529 account for a child and die, does the value of the account get included in my estate for estate tax purposes?… read more
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Can I gift 55,000 using 5 year accelerated gifting all at ...
Can I gift 55,000 using 5 year accelerated gifting all at once, and how do I put that on my current year taxes?… read more
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