Today TaxMama® wants to talk about deadlines, extensions, payments and dealing with it all on a tight budget. What do you do first?!
Today TaxMama® hears from RJ in the TaxQuips Forum, with this question. “I just came across TaxMama’s 2012-09-04 TaxQuip to “Ivan” entitled “Late Gift Tax Return” (at TaxMamas TaxQuips : TaxMama’s Free Daily Tax Podcasts or Late Gift Tax Return | taxmama | taxquips), which says (in part): … 2) Did you know that if a gift tax […]
Today TaxMama® hears from Ivan in the TaxQuips Forum who seems to be concerned. “I have found lots of info on filing gift tax returns – penalties – life time exclusions. But what I cannot find is, what if someone makes a gift(s) to a child, or anyone else, in an amount well over the […]
Today TaxMama® hears from MJ in the TaxQuips Forum who tells us, “We have a friend whose child has been injured, and would like to raise funds for her to help pay for the bills. We cannot afford to file for a non-profit (KY); and don’t know if that’s even necessary for a case like […]
Today TaxMama® hears from Lisa in the TaxQuips Forum with this question. “I have a client that simply executed a quitclaim deed of a second home to her niece. She now wants to sell the home and is concerned about the tax consequences to both herself and her niece. How do I advise them both?”
Today TaxMama® hears from Susan in the TaxQuips Forum with a good question. “Suppose I purchase a home and keep title in my name and let my parents live in the home rent free. Is the rent-free usage of the property considered a transfer subject to the gift tax? I think not, as I have […]
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 […]