Tag Archives: Estate tax in the United States

2010 Estate Reporting Form 8939 is Due Nov. 15

Courtesy of  IRS [TaxMama note: this applies deaths that took place in 2010. Even if you don’t think your family has an estate – PAY ATTENTION! If you don’t file the paperwork to establish the value of home, stocks or other assets owned by the person who died, you may end up with a tax […]

Giving Away the Farm

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” […]

Just in time for Valentine’s Day – Taxes for Partners!

Partners’ Filing Status Varies Federal to State, and State to State Courtesy of CCH – This article is SO important for all domestic partners to read! (RIVERWOODS, ILL., February 11, 2011) – Whether opposite-sex or same-sex marriage, civil union or domestic partnership, your relationship can have tax consequences, according to CCH, a Wolters Kluwer business […]

We Have Bush-Era Extenders

Just to get the law passed last night, the House agreed to the Senate’s version of the extender bill. But they limited the benefits for two years, giving them time to improve on the balancing act and refine the benefits. Let me give you a brief summary of things that affect your life.

Bahamas Inheritance

Today TaxMama hears from Joe in the TaxQuips Forum, with this odd tale. “My cousin’s wife whose [missing word] was born in Canada and is also a U.S. citizen will be receiving about $150,000 inheritance from her father’s estate. My cousin and his wife live in the US. Her parents are Canadian citizens. Her father, […]

10 year-end tax planning tips

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. […]

Ask TaxMama Issue 567 – Sweet and Healthy Year

Dear Family, First let me start with an urgent reminder. There are deadlines coming up – all corporate, partnership and estate tax returns are due next week, on September 15th. Estimated tax payments are due, as well. http://taxmama.wpengine.com/tax-calendar-2010/ Note: The office will be closed and please don’t look for answers from TaxMama – until Monday! […]

Ask TaxMama Issue 564 – Lucky 13

Dear Family, Welcome to Friday the 13th. The days dawns bright and sunny. The squirrels are still quietly asleep before their busy day of frolicking  on their trellis jungle jim and spitting out walnut seed pieces on my car. The birds are twittering quietly, still asleep. Soon, they’ll be up chattering passionately about their latest […]

Inheriting vs Gifting

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 […]

Ask TaxMama Issue 563 – Good Choices

Dear Family, Today’s theme was not planned. By coincindence, the very first two stories I researched this morning are about Orthodox Jewish experiences. In case you didn’t know, I was brought up in that community, attending full-time Hebrew or Jewish schools from nursery school all the way back in Hungary to an early admission to […]

Ask TaxMama Issue 562 – Tax Holidays and More

Dear Family, This has been an interesting week. I got to do some political lobbying and met a passionate woman. Rebecca Madigan gave up a perfectly good job to pursue the cause of small business-owners, affiliate marketers, generally, folks who work from home. Rebecca started the Peformance Marketing Association (PMA) to help set standards for […]

Ask TaxMama Issue 543 – Change Your Clocks

Dear Family, Tax season is in full force. Lots to do to meet next week’s filing deadlines (see below, or here http://taxmama.wpengine.com/tax-calendar-2010/ ).  Remember to change your clock Saturday night, or you will be late for everything on Sunday. (Huh! Didn’t Daylight Savings Time used to come in April?) People are sending me LOTS of […]