Giving is truly better than receiving, especially when your generosity can provide income tax benefits.
How Estate-Tax Rules Apply When the Donor Hails from a Foreign LandQ: My uncle passed away and left me a huge inheritance. Since hedid not believe in trusts or...By DinnenSteve
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For those who earn too much to get the deduction, their Traditional IRA contributions retain the after-tax treatment. There is no tax-deduction for Roth IRAs for anyone, and therefore Roth IRA contributions are always treated as after-tax. Account selection: When you review the tax impact of...
For your lender to accept this down payment source, a gift letter is required from the donor stating that the money is a gift and not a loan. This letter should include details such as the relationship between the donor and recipient, the amount of the gift, and the address of the ...
A charity must be a 501(c)(3) organization to receive tax-free IRA charitable contributions. Charities that do not qualify include private foundations and donor-advised funds. You can distribute your required minimum distribution to multiple charities in the same year. "A lot of my clients ar...
It sounds like you’re advising entering the bill to be paid, recording the amount used to pay the bill as a cash donation, and then entering bill payment - through what method? To clarify: In this case, the donor is writing their personal checks directly to the vend...
If you plan to use gift funds toward a down payment, you will need agift letterstating the donor's name and that the money is not a loan. Also, be aware that some mortgage loans may have limits on how much gift money you can use toward a down payment. ...
The goods and services tax (GST) is anindirect federal sales taxthat is applied to the cost of certain goods and services. The business adds the GST to the price of the product, and a customer who buys the product pays the sales price inclusive of the GST. The GST portion is collected...
The money you take out is then taxed at the ordinary income tax rate.3 Withdrawals can cause a problem because they can boost your annual income—sometimes into a higher tax bracket. But there’s a way that you can put these distributions to good use and reduce your tax burden. ...