Posts tagged as:

gift-tax

“Death”, Alzheimer’s and Taxes: When “I Do” Turns Complicated

22 September 2011

I love that scene in When Harry Met Sally when Billy Crystal’s Harry Burns looks at Meg Ryan’s Sally Albright and says: I came here tonight because when you realize you want to spend the rest of your life with somebody, you want the rest of your life to start as soon as possible. That’s [...]

0 comments Read the full article →

Beer, Taxes and Baseball: Can You Get Any More American Than That?

20 July 2011

Baseball fans all over the country can breathe a sigh of relief. No, it’s not because the Phillies managed to crank out two runs in the ninth last night to remain atop the NL East. Rather, it’s because the darling of baseball these days, Christian Lopez, won’t be paying out of pocket for taxes after [...]

0 comments Read the full article →

With Job Losses Soaring, Ten Tax Tips for the Unemployed

10 July 2011

The Department of Labor released its jobs report for June this week and the results weren’t pretty. Only 18,000 new jobs were created in June, representing 7,000 fewer jobs than detailed in a disappointing May report. The unemployment rate continued to climb, hitting a whopping 9.2%, giving June the undesirable distinction of the month with [...]

0 comments Read the full article →

IRS Drops Investigation Into Contributions (Tax World Drops Jaw)

8 July 2011

Hear that? It’s the sound of a pin dropping. Or my jaw dropping. Take your pick. The IRS has announced – unexpectedly – that it will no longer pursue an investigation into a group of donors who made contributions to nonprofit groups for the purpose of political ads. Specifically, the IRS was looking into whether [...]

0 comments Read the full article →

Ask the taxgirl: Voluntary Spousal Support

7 July 2011

Taxpayer asks: My husband and I went through a mediator instead of a divorce lawyer.  Our MSA specifies a certain spousal support amount each month.  If he wants to give me extra and we both agree on it, can we claim this as spousal support on federal taxes or does he have to call it [...]

0 comments Read the full article →

Ask the taxgirl: Gifts and Income

3 April 2010

Taxpayer asks: If I received $500 or say $5,000 in anonymous donations for brain surgery because I have no insurance, do I need to report that anywhere or as income? thank you for any help tax girl. Taxgirl says: So long as these are pure gifts – and you didn’t make any representations as to [...]

5 comments Read the full article →

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 [...]

5 comments Read the full article →

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 [...]

0 comments Read the full article →

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 [...]

0 comments Read the full article →

Ask the taxgirl: “Buying” the family home at discount

19 November 2008

Taxpayer asks: My father wants to sell me his house (approx. value of $300,000) for what he owes on it ($54,000). I know, a pretty sweet deal. Some friends advised him that the best way to do this is simply to “give” me the house, and I will send him a Christmas card with $54,000 [...]

6 comments Read the full article →

← Previous Entries