Gifts

Gift from Father

May 16, 2012

Today TaxMama® hears from Ada in the TaxQuips Forum with a deceptively difficult question. “My father is a non-resident alien with a non-business U.S. checking account that he opened over 15 years ago. He wants to give me and another sibling (both resident US citizens) the money from that account (split equally to about $20k [...]

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Gift to Daughter

April 9, 2012

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Today TaxMama® hears from John in the TaxQuips Forum with this quick question. “I gifted monies ($5,000) to my daughter in 2011. How do I account for this in my 1040 filing? What other associated forms need to be included to do this?” Share this:

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Gift Tax Giddiness

November 16, 2011

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Today TaxMama hears from Thomas in the TaxQuips Forum who is in a bind. “Thomas bought a used car from a rental agency, paying by wire transfer, then suddenly got called out of town before he could pick it up. They cannot wait the one, itsy-bitsy, extra day for him to return, so his girlfriend [...]

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Ready for End-of-year Tax Planning?

November 4, 2011

CCH Suggests Steps to Consider Before Time Runs Out (RIVERWOODS, ILL., November 2, 2011) As the clock winds down on the 2011 tax year, now is the time for taxpayers to look at their financial situations, consult tax and accounting experts and determine if they can be better positioned for filing income tax returns [...]

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Giving Away the Farm

August 8, 2011

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Today TaxMama hears from Richard in the TaxQuips Forum who is generous to his son. “My Son retired from the Army and moved into a house that is on a small farm I inherited. He wanted to make improvements to the house and didn’t want to wait until we passed on to the happy “hunting ground” [...]

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Deeded in Life or Death

August 1, 2011

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Today TaxMama hears from Mary in the TaxQuips Forum, who needs clarification. “My mother-in-law put her house in my husband’s name with a quitclaim Deed, which states it would be hers until her death; and he could not sell it as long as she was alive. Now she has passed away and the house is [...]

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He Bought the Farm

June 23, 2011

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Today TaxMama hears from Barb in the TaxQuips Forum with a simple question. “The farmer is selling his farm, and everything on it, to his son for $1. The basis of the farm and the machinery is approx $100,000 and FMV approx $510,000. How do I file their Form 4797? Share this:

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10 year-end tax planning tips

November 5, 2010

CHICAGO, Nov. 4, 2010 – Grant Thornton LLP wants to remind America that it’s the perfect time to consider some holiday season tax planning strategies as 2010 winds down. “People need to be paying special attention to their year-end tax planning in 2010,” said Justin Ransome, a partner in Grant Thornton’s Washington National Tax Office. [...]

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Won Lottery

October 28, 2010

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Today TaxMama hears from Mike from Chicago, Il who is excited. “I won the lottery and paid taxes on the winnings. I want to give my mother $1 million out of my after tax winnings. Will she have to pay taxes on the $1 million again? Or just on any interest it accumulates?” Share this:

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Happy Thanks for All the Gifts Week

August 20, 2010

Is there someone you forgot to thank? Is that Thank You card burning a hole in your pocket? Is Mom pestering you about calling your aunt? How long have you meant to thank him for that locket? Well, for all you procrastinators, you ‘I meant to do it’ divas, you folks with good hearts [...]

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