Donna Lee
It's not hard to guess right on this one. Under IRS tax rules, every gift of real estate is considered a gift of equity. The value of real estate for gift tax purposes is set at fair market value. This means that your parents have to pay gift tax on the price that the real estat...
Note: The content of this video applies only to taxes prepared for 2010. It is included here for reference only. The IRS charges taxes on certain gifts that people make during the year. Learn about the IRS rules for Gift Tax with help from TurboTax in th
Carrie Brandon Elliot explains the treatment of 25-percent-owned domestic subsidiaries in determining passive foreign investment company status, along with antiabuse rules and proposed safe harbors.Show All Sign up for a free trial to access more content. A 7-day trial subscription is an easy way...
Unexpected Complications: Non-spousal rollovers from employer plans into inherited IRAs are now tax-free-but tread cautiously.(individual retirement accounts) IRS rules call for required minimum distributions,...spousal IRA, and for whatever reason, the ...6: IRA rollovers gone wrong Unfortunately,...
If a taxpayer receives anemailclaiming to be from the IRS that contains a request for personal information, taxes associated with a large investment, inheritance or lottery. Don’t reply. Don’t open any attachments. They can contain malicious code that may infect th...
The AICPA commented on the IRS's proposed rules that would overhaul the rules on passive foreign investment companies (PFICs) that are foreign companies with passive income from the U.S. Under the IRS proposed rules, partners would be deemed to own a partnership’s assets and would have to...
This is our bread and butter. You need tax relief and you need it now and you shouldn’t have to wait for your accountant to catch up on the latest rules, programs and modifications. If an accountant or CPA hasn’t done much tax relief work (which almost all haven’t) they are not...
This page contains a summary of the latest individual contribution limits, income thresholds and eligibility rules for popular tax-advantaged retirement plans. Unless noted or for future estimates, all data is from the official IRS website and relevant procedures. ...
“We will likely have a three-year window of tax rules that are reasonably certain,” said Koepp. “As a result of the mid-term elections, divided government could both reduce market volatility and the likelihood of significant tax legislation.” Changes in 20...