Comments on: Ask the taxgirl: Anniversary Presents

By: Wrapping It Up Business Style

Wrapping It Up Business Style — Fri, 14 Dec 2007 12:01:28 +0000

[...] Wrapping up your holiday spending? I know the last thing on your mind is more spending… Be sure that you understand the implications of the gift tax. Kelly Erb of Taxgirl spells out who pays and who doesn’t in her post. [...]

By: Gift Ideas: Unique Personalized Gifts for Men & Women » Ask the taxgirl: Anniversary Presents

Thu, 13 Dec 2007 05:41:30 +0000

[...] Jim had some great ideas on this topic.You can read a snippet of the post here.So, that’s the scoop. There’s no need to worry about any gift tax consequences (again, so long as you’re both US citizens). Have a fabulous anniversary! Like any good lawyer, I need to add a disclaimer: Unfortunately, it is impossible … [...]

By: Mary Emma Allen

Mary Emma Allen — Wed, 12 Dec 2007 14:38:04 +0000

Thank you, Kelly, for participating in the Business Channel’s Theme Day “Wrapping Up Party.”

By: It’s a Wrap: 16 Year-End Posts for Your Small Business at PIGASYS

It’s a Wrap: 16 Year-End Posts for Your Small Business at PIGASYS — Tue, 11 Dec 2007 19:25:27 +0000

[...] Ask the taxgirl: Anniversary Presents Kelly Erb, Taxgirl [...]

By: It’s a Wrap: 16 Year-End Posts for Your Small Business

It’s a Wrap: 16 Year-End Posts for Your Small Business — Tue, 11 Dec 2007 19:00:34 +0000

[...] Ask the taxgirl: Anniversary Presents Kelly Erb, Taxgirl [...]

By: Jim Newhard, CPA

Jim Newhard, CPA — Tue, 11 Dec 2007 16:58:35 +0000

BTW – there are no such “gift tax” limitations to gifts to “qualified charities”. The only considerations deal with the extent of deductions allowed (schedule A) relative to the 30% versus 50% charities. So don’t let this hinder anyone willing and able to make very large donations to truly charitable organizations.

And before anyone asks, no, my spouse and children are not “qualified charities!” That, too, is a blog for another day!

By: Kelly

Kelly — Tue, 11 Dec 2007 15:33:18 +0000

Ooh, Jim. Real estate transfers are a huge source of tricks… Fodder for a new post!

By: Jim Newhard, CPA

Jim Newhard, CPA — Tue, 11 Dec 2007 11:48:40 +0000

Thanks Kelly – a great reminder – and a really tricky situation for folks to really pay attention and seek counsel of a qualified professional (CPA or attorney) for the intricacies. For example, if a parent or grandparent is in the wonderful position to be able to provide funds to a child’s (or grandchild’s) 529 education plan, the gifting taxpayer can make currently 5-years worth of gifts to the child (up to $60,000). Again, tax filings are required. Also, be very careful of that real estate (residence) transfer from parents’ names to their son and/or daughters without “gift” considerations.

Lots of good opportunities available if properly planned and executed. It can be straight-forward or fairly complex — but it starts with the “goal” and then the solution.

Oh one more thing. Just because a federal gift tax return might need to be filed does not mean that federal gift tax will need to be paid! Ask your tax advisor about that, too!

By: Wrapping It Up - Business Channel Theme Day Posts

Wrapping It Up - Business Channel Theme Day Posts — Tue, 11 Dec 2007 09:04:42 +0000