Tag Archives: Gift tax in the United States

Married Son’s Insurance

Today TaxMama hears from Mike in New Jersey with this question. “Can I deduct my son’s health Insurance premium of $900 a month that his wife and he can no longer afford to pay, on my tax return?”

A Million Bucks

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 […]

Do Gifts Work Like IRAs

Today TaxMama hears from Steve in Indiana with this question. “Does the gift tax exclusion work like an IRA? In other words, can a gift for 2008 be made in 2009 as long as it’s made before the filing of 2008 tax returns, or some other marker of time?”

Education Paid by Insurance

Today TaxMama hears from Angela in Los Angeles, who tells us. “My friend got a form 1098-T . There is an entry of $11,200 in box 10 of her 1098-T. She has about $3,000 income from W-2. She is afraid to do her tax return because she thinks that amount from Box 10 of 1098-T […]

Gifting Your Children

Today TaxMama hears from Pat in Florida who’s quite generous. “Can you explain the$10,000 gift tax exemption to me? I want to gift my children.” Dear Pat, Well, your children are certainly fortunate to have a mother like you. Interested in adopting me? First of all, the $10,000 gift tax exemption is $12,000 this year. […]

Non Profit Interest

TaxMama s Tax Quips Non Profit Interest – 6/19/08 – Thursday Today TaxMama hears from Roger in North Carolina who needs to know “If a Non-Profit Organization (501C3) has a certificate of deposit, is the interest taxable?”

Gasoline Prize

Today TaxMama hears from Terry in Arkansas who’s angry. “Last week my employer offered a prize of gasoline coupons to employees who would fill out the annual employee opinion survey. I won. I received coupons redeemable for $50.00 of gasoline at the highest priced station in town, WITH a note congratulating me and informing me […]

Gift and an Exemption

Today we hear from Tracy in Florida who’s quite unclear. (Every once in a while, I like to show you an unedited question. See if you can figure out what she is asking.) “If you make $65,000 and you have a gift receipt for $90,000 (something you gave, not you were given) claim one dependent, […]

Cracking the Tax Code

Today TaxMama hears from Tom in Florida who wants to know, “Does there exist a “codex” of the IRS tax code by section and with a brief description or synopsis of what each code relates to? I’d like to get at least one of those “codex”-type reference guides if you or anyone else knows how […]

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?”