From the category archives:

estate & gift

Federal Estate Tax Update

28 December 2009

Um, there is none. Seriously. And just three more days left in the year. The discussions about the constitutionality of a retroactive tax have already started flying. My two cents: it’s a stupid idea but it will likely pass muster.

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Noise on the Hill: Estate Tax Update

9 December 2009

Wow, they did it. The House really did vote on a federal estate tax bill. And it passed. The vote was narrow and partisan: in the end, 225 for, 200 against (see how your Representative voted here). The bill, HR 4154, was, as I blogged earlier, a compromise bill introduced by Rep Earl Pomeroy (D-ND) [...]

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Ask the taxgirl: Charitable Donations and Estates

9 December 2009

Taxpayer asks: Can you tell me what the tax implications are for donating inherited items? My mother passed away about a year ago and I’m the executor of the estate. Now, my siblings are interested in taking deductions for items they feel they “inherited,” yet were actually immediately donated to charity without my siblings ever [...]

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Federal Estate Tax Bill Up for A Vote

30 November 2009

I, for one, am just reeling about the possibility that the House may vote on legislation to extend current estate tax rates. Shocked. I mean, there are, what, four weeks left until the end of the year? That’s just crazy. Tax professionals have just gotten comfortable with the idea that there’s no news on the federal [...]

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Ask the taxgirl: Income Tax on Gifts

25 July 2009

Taxpayer asks: Recently my father-in-law passed away. My Mother-in-law is planning on selling her home and giving each child $10,000 and then putting the rest in CDs and she is planning on doing this before the end of the year. How will this affect the income tax that we have to pay? My husband says [...]

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Ask the taxgirl: Michael Jackson’s Funeral

8 July 2009

One of my recent “ask the taxgirl” questions involved whether Michael Jackson’s funeral expenses were deductible. When I paused to consider whether I wanted to post about Michael, a colleague kindly offered to address the issue on his blog at sofloridaestateplanning.com. The blog is authored by David Shulman, an attorney located in South Florida who [...]

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Ask the taxgirl: Cancellation of “Debt”

31 May 2009

Taxpayer asks: Two years ago, I gave my son a considerable amount of money so that he could finish graduate school without having to take out any student loans. Last year, he announced that he was “taking a break” from school. Since he was no longer going to school, I asked him to give the [...]

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Ask the taxgirl: Income Tax Consequences of a Gift

4 May 2009

Taxpayer asks: Hi Tax Girl Question If someone pays my Credit line directly. i.e. they write a check directly to my bank to lower my credit line balance. with their after tax dollars. Is this taxable income to me. Taxgirl says: It depends on who that “someone” is… In most cases, this would be considered [...]

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Ask the taxgirl: Gifts to Children

15 April 2009

Taxpayer asks: 7 years ago when I divorced I spent alot of the money I received on my children. Now I read that maybe I could have used the money as a deduction on my taxes. One I bought a $16,000. mobile home, the other I paid off a $10,000 credit card bill. Can I [...]

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Federal Estate Tax Makes News Again

4 April 2009

Remember years ago when there was a lot of buzz about the federal estate tax “repeal” set to take place in 2010? It’s still law. But the thing that Congress didn’t make quite so public is that the repeal only lasts for one year. One. After 2010, the federal estate tax rolls back in at [...]

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