Tag Archives: Form 709

Last Minute Tax Tips

Today TaxMama® wants to give you a few last minute tax tips.

Gifting Grandpa

Today TaxMama hears from Robert in Texas who has a generous grandfather. “My 99 year old grandfather who lives in California, sold his residence for $250,000. He wants to gift $100,000 to each of his two daughters and keep $50,000 for himself. Can he gift this amount without triggering tax problems?”

Mom’s Home

Today TaxMama hears from Amy in Doylestown, Ohio, who says, “My mother wants to sign over her house and property to me as a gift. There are no liens on the house, no mortgages, etc. But what should I expect come next tax season; and also what should she expect?”