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I would like to make an annual gift of $15,000 to my son and
I would like to make an annual gift of $15,000 to my son and to my daughter in law (2021). I didn't in 2020. Is there a way to still have it count for 2020? I didn't file my taxes yet and am not sure … read more
Barbara
Barbara
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Due to Covid 19 flu my son was unable to worklast year from
Due to Covid 19 flu my son was unable to worklast year from January to June. Since he could not work for those 6 months he did not have sufficient money to pay his income tax of $15,000. I paid it for… read more
Rick
Rick
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MBA
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I want to help my son to buy a home by giving him $125K as a
I want to help my son to buy a home by giving him $125K as a non-returnable money. I know that me and my wife can give him 15K each and I can possibly give another 15K to my daughter, who in turn give… read more
Richard
Richard
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I need to file an amended return and add a home sale and a
I need to file an amended return and add a home sale and a gift of equity to my child . How do I do this ? What forms do I need? … read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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I have a gift tax question. Texas. 48. Married filed
I have already filed my income taxes. I only have a question about form 709 for gift taxes.… read more
Lev
Lev
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Bachelor's Degree Equivalent
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My wife and I would like to make monetary gifts to my son
My wife and I would like to make monetary gifts to my son and his wife. How much money can each of us give to each of them tax free and do these gifts need to be reported?… read more
Barbara
Barbara
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My daughter is building a house with an apartment for me.
My daughter is building a house with an apartment for me. Can I give my daughter and son-in-law a gift of $15,000 in May 2020 and another $15000 each in January 2021 … read more
Rick
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Does the gift tax exclusion of $15000 apply to a spouse of a
does the gift tax exclusion of $15000 apply to a spouse of a child when the trustee is single … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
20,731 satisfied customers
My husband and I are in escrow on our primary residence
My husband and I are in escrow on our primary residence home. We share title with our adult son. What would protect us from paying taxes on his proceeds if he is giving up his percentage of proceeds t… read more
Richard
Richard
Tax Attorney
Doctoral Degree
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I superfunded a 529 for my son jointly with my wfie. I need
I superfunded a 529 for my son jointly with my wfie. I need help with schedule A of form 709 and the part 4 … read more
Anne
Anne
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Dr. Fiona, I have a client that was given $15000 worth of
Dr. Fiona, I have a client that was given $15000 worth of inventory from a previous business owner. It is sand paper inventory. My client took it and has formed his own little business. Will his begin… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
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We are selling a house in Texas. We live in Arkansas. We
We are selling a house in Texas. We live in Arkansas. We want to gift most of the money to our son and his wife. What is the best way to do this and pay the least taxes for both of us? We planned to g… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I want to borrow money, using a home equity loan, to pay off
I want to borrow money, using a home equity loan, to pay off my son's unsecured debt. Is the money I borrow counted as taxable income for me? If i pay off my son's debt is it counted as taxable income… read more
Robin D.
Robin D.
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My wife and I would like to gift my son and his wife. could
my wife and I would like to gift my son and his wife. could we both write 2 checks from our joint account to each of them for $18,500 without them being taxed? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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Does the 2018 gift ta exclusion mean i can give up to $15000
Does the 2018 gift ta exclusion mean i can give up to $15000 to EACH of my children this year without paying taxes. How to I accomplish that from my IRA without it showing up on my 1099 as taxable dis… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
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4,188 satisfied customers
My 28 year old single son is buying his 1st house. The price
Hello! My 28 year old single son is buying his 1st house. The price is $239,000. He needs to pay 20% down, which he does not have. I am divorced from his father, but we have decided to both help him. … read more
Robin D.
Robin D.
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If a revocable trust does not require distributions, is it
If a revocable trust does not require distributions, is it automatically taxed at the trust level. Money was distributed. It consists of $11,000 Cap. Gain and 17,000 Dividends. 20,000 was distributed.… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,672 satisfied customers
My parents gave my son over $15,000.00 over several years which
My parents gave my son over $15,000.00 over several years which we invested in Mutual Funds through Prudential. In 2009 my son redeemed $13,161.00 to purchase a car while serving in the Navy. The IRS … read more
Stephanie B.
Stephanie B.
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