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Do I need to claim $$ that I am gifting? If so, what will be
Do I need to claim $$ that I am gifting? If so, what will be the implications of reporting that gift?… read more
Robin D.
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If we are filling for bankruptcy, chapter 13, and a relative
If we are filling for bankruptcy, chapter 13, and a relative wants to donate some money to negotiate to pay a portion of the bill to the creditors, is that taxable money? And can that be avoided by th… read more
Barbara
Barbara
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Trying to figure out form 709 that H&RBlock completed for my
Trying to figure out form 709 that H&RBlock completed for my mother. It doesn't look right to me...She gave my brother 137,000. First thing that I don't understand is why they list the full 137K on sc… read more
DK_CPA
DK_CPA
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Another question on gift tax, so if i give 15k a year to one
another question on gift tax, so if i give 15k a year to one beneficiary for 30 years that total is 450kthat 450k now changes my lifetime exemption of 11.4m when i die to just under 11m?… read more
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I know the estate tax exclusion is 11.4m, during someones
Hello again, I know the estate tax exclusion is 11.4m, during someones life time they can gift money to others to perhaps lower the possibility of paying an estate tax and having people enjoy their mo… read more
Lane
Lane
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Doctoral Degree
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I am purchasing a new home and my father is helping with the
I am purchasing a new home and my father is helping with the downpayment of $100k as a gift. He is a US resident (green card holder) and is planning to transfer money from his overseas account. What a… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
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If I give my grandchildren money, yearly, at least $15,000,
if I give my grandchildren money, yearly, at least $15,000, how does this save me on taxes?… read more
Christopher B, Esq.
Christopher B, Esq.
Attorney
Juris Doctor
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I am set to receive a cash gift of 48000 by my sister and her
I am set to receive a cash gift of 48000 by my sister and her husband. My understanding is that they can jointly gift me 28000 this year. Can they gift my 18 year old daughter 14000 and my girl friend… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
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Hello, I'm receiving 15k from my home refinancing, I'd like
Hello, I'm receiving 15k from my home refinancing, I'd like to gift 10k to my mom, what will that do to my taxes this year? Is there any benefit to gifting 5k this year and 5k next? What is the best w… read more
Richard
Richard
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Doctoral Degree
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My parents gave me $35k last month. I need to show i had the
My parents gave me $35k last month. I need to show i had the money in my account to buy a house. they signed papers that it was a gift but I will be paying it back with interest (they took it out as a… read more
Phillip B, EA
Phillip B, EA
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What are the implications of gifting a 10+ year old car (128K+
What are the implications of gifting a 10+ year old car (128K+ miles on it) by a person in state of WA to someone in state of MN?… read more
Jax Tax
Jax Tax
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Master's Degree
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HELLO MARJORIE ... A QUICK QUESTION REGARDING NEW JERSEY
HELLO MARJORIE ... A QUICK QUESTION REGARDING NEW JERSEY LIFETIME GIFTING... CAN U TELL ME IF THE RULE IS THAT YOU CAN CURRENTLY GIFT 13,000. PER YEAR TO ANY ONE PERSON AND THAT IS EXEMPT FROM THE 1 M… read more
Jax Tax
Jax Tax
Senior Tax Attorney
Master's Degree
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Say one wants to give a gift of $12,000 to 3 people. A gift
Say one wants to give a gift of $12,000 to 3 people. A gift tax form is not due to the IRS because of the $12,000 annual exclusion limit per person. If one's income is 100,000, and 3 gifts are given o… read more
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My father is thinking of either gifting or selling me his ...
My father is thinking of either gifting or selling me his house. He will be buying another one. He will have over 4 million when he dies. He is wanting to sell it to me and I will keep the low tax bas… read more
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My father just passed away and my mother would like to pass ...
My father just passed away and my mother would like to pass on some of the life insurance money to the children.How much can she give each child without it being taxed?… read more
Guru_Guy
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My sister had an account in her name and mine as joint ...
My sister had an account in her name and mine as joint tenants with right of survival. She instructed me verbally to distribute the entire amount of the account upon her death to her children and gran… read more
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how can I decrease the amount of taxes paid by my estate, ...
how can I decrease the amount of taxes paid by my estate, at my death. My only inheriting family are 2 nephews and 3 greatnephew/nieces.… read more
RD
RD
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Master's Degree
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How much can I gift tax free to my children per year
I have never given any gifts to my children. I understand I can give $20,000 per year per child. But someone told me I can do more than $20,000 per year and that I don't have to set up a separate bank… read more
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