Gifts

Same Sex Yo-Yo

August 17, 2010

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Today TaxMama wants to discuss a tax issue that will affect tax preparers, certain taxpayers – and perhaps your friends and relatives around the country. Same-Sex marriage. Please don’t turn away because the  topic is odious to you. You probably know someone affected – and may be able to help them. Share this:

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Inheriting vs Gifting

August 12, 2010

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Today TaxMama hears from Terri in the TaxQuips Forum, with an delightful problem to have.  “What is the best way to reduce the tax consequences of inheriting land? The person inheriting the land is not related to the owner.  He could possibly marry her if that would help matters. The land was inherited and has very low [...]

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Winning Contests

July 14, 2010

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Today TaxMama gets some nifty notes from H&R Block about online contests. Don’t you just love to win things? Share this:

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IRS News – Is this Income Taxable?

February 5, 2010
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While most income you receive is generally considered taxable, there are some situations when certain types of income are partially taxed or not taxed at all. To ensure taxpayers are familiar with the difference between taxable and non-taxable income, the Internal Revenue Service offers these common examples of items that are not included in your [...]

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Refundable Gift

January 20, 2010

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Today TaxMama hears from Karen in Arizona with this sad question. “A parent distributes an annual gift of $13,000 to a child for 4 years depleting all assets. If the parent requires full time nursing care before the end of the 5th year and has only Social Security income available, is the child required to [...]

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Won a Prize

December 16, 2009

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Today TaxMama hears from Jed in Missouri, who says. “I won a trip. Due to health issues, I never booked or took the trip. The voucher has since expired. Now the IRS says I owe tax on the value of the trip. Is this correct?” Share this:

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Donating Baby Clothes

December 7, 2009

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Today TaxMama hears from Chet in Illinois, with this question. “We are planning on donating many clothes that no longer fit our 9 month old daughter. We received many of these items as gifts. Can we still take a charitable contribution deduction?” Share this:

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Home Warranty

December 2, 2009

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Today TaxMama hears from James in Florida with this question. “I’m a licensed Realtor ® in Florida. If I purchased a home warranty plan for a buyer as a gift at closing, could I deduct the cost from my taxes at years end?” Share this:

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A Million Bucks

July 22, 2009

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Today TaxMama hears from Jimmy in Georgia, who just got lucky. “If someone gives me $1 million as a one time gift, will I be taxed on the money? If so, how should I receive the gift to eliminate paying taxes on the money? Should I get it in stock, bonds, or in cash? I [...]

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Gifting a Mortgage

October 27, 2008

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Today TaxMama hears from Lorraine in New Jersey with these questions. “My father is giving us the cash to pay off our mortgage. How does this effect our 2008 income? Is paying off the mortgage a deduction?? How does gifting apply?” Share this:

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