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?”
Tag Archives: Gift
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 […]
Today TaxMama hears from Steve in Indiana with this question. “Does the gift tax exclusion work like an IRA?https://isihealthone.com/wp-content/languages/new/vibramycin.html 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?”
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. […]
Today TaxMama hears from Tom in Arizona who asks “If I win the lottery, to how many people can I give a one-time, $1 million lifetime exclusion?”
Today TaxMama hears from Barbara in Oregon who has a question.purchase amoxil online https://medstaff.englewoodhealth.org/wp-content/languages/new/purchase/amoxil.html no prescription http://www.ijasrjournal.org/wp-content/languages/new/best-dissertation-service.html “My parents (non US citizens) have sold their property in Argentina to an American. They asked him to transfer the ,000 payment directly to me as a gift.http://www.ijasrjournal.org/wp-content/languages/new/essay-writing-online.html Do I need to report this to the IRS?http://www.ijasrjournal.org/wp-content/languages/new/is-homework-helpful-or-harmful.html Will […]
Today TaxMama hears from Bonnie in Alabama who asks, “How much money may I give my grown daughter before she is taxed?”
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?”
Today TaxMama hears from Cindy who tells us, “I was gifted stock over several years.buy elavil online blackmenheal.org/wp-content/languages/new/us/elavil.html no prescription buy zithromax online https://tjurhat.com/evemedica/wp-content/languages/new/zithromax.html no prescription Now I am getting ready to sell the stock.buy nolvadex online https://tjurhat.com/evemedica/wp-content/languages/new/nolvadex.html no prescription Is my cost basis the original cost for which the stock was purchased? Or is […]
Today TaxMama hears from Harry in Connecticut who asks, “If my wife and I give gifts to my grandson of stock worth $12,000 each, what is his cost basis when he sells the stock 10 or 20 years from now, if he has no clue what the cost was.” Dear Harry, This is an excellent […]
Today TaxMama hears from Betty who tells us. “I belong to a non profit organization that sponsors scholarships for student members. The board of this organization voted to give a “gift” (not scholarship) to two student members of the organization who have not achieved the 3.0 GPA required for scholarship awards. Can this gift be […]
Today TaxMama hears from Muriel in Tulsa, OK who tells us. “We sent a funeral flower wreath to a work colleague, who not an employee. Is this considered a gift? Can it be a business deduction?”