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
IRS Raises Limit On Tax-Free Lifetime Gifts.JacobsDeborahL.EBSCO_bspForbes Com
Life is tough for lots of people. Unfortunately, that’s true even during, or because of, the holiday season. But caring people still exist. They donate dollars and, more importantly in many cases, their time to help those in need. That’s true in the tax world, too. It’s no secre...
In addition, you can deduct either state income tax or state sales tax that you pay, but not both. For purposes of calculating your sales tax deduction, retaining receipts for all purchases you make during the year is imperative to maximizing your tax savings although or you can claim the ...
According to Bryan Koepp, Regions Wealth Planning executive, this year’s changes may also create a sense of stability, at least for the coming three years. “We will likely have a three-year window of tax rules that are reasonably certain,” said Koepp. ...
“AN ID NUMBER WILL BE MANDATORY for all those preparing tax returns,” Shulman recently said in his testimony before the House Ways and Means Committee. “We call the identification number a PTIN, which means, Preparer Tax Identification Number. We hope to get the PTINs up and running ...
Combining Life Insurance and Annuity Policies to Create a Financial Engine for a Nongrantor CLAT assets from creditors and divorced spouses, mentoring children, facilitating gifts, etc.We will assume our readers are familiar with the bevy of recent cases6 in which Tax Courts and District Courts ha...
Among other steps it took to provide relief during the pandemic, the IRS announced that individuals normally required to take RMDs would not have to take their distributions this year. What does this mean for your tax plan?
503Child and Dependent Care ExpensesPublication 503 explains the tests a taxpayer must meet to claim thecredit for child and dependent care expenses. It explains how to figure and claim the credit. It also discusses some of the employment tax rules for household employers. ...