Logan C. asked
I am a 75-year-old woman who wants to gift $100,000 to my son. The money is currently in an American Funds account, and they said they would withhold 20% for taxes. I have been reading IRS Form 709 and it says that I should not have to pay these taxes as it would go toward my lifetime exclusion. Will my son have to pay taxes on this gift if I file Form 709? Additionally, I own Apple stock with a significant gain. What is my best option for selling it, considering the capital gains tax implications?
May 6th, 2023
Maurice L. answered
Gifts over $16,000 (2022 amount) are reported by the giver on Form 709. There is no gift tax for the...
May 6th, 2023
Create an account to view answers and interact with the community!
I received a CP21B tax notice for the year 2019 and have a refund coming from a change in form 1040SR. I am 68 years old, and my wife is also a dependent. I don't remember my typical filing status or what I made this year. Where is my $615.70 refund?
December 6th, 2023
Can I get a federal ID for an LLC owned by a foreigner if I check box 9a - Corporation - 1120, given that I have received a rejection because they are looking for a social security number which we do not have? What do you suggest?
March 6th, 2023
I have been receiving Medicare benefits for a few years and now have a new job that offers medical insurance. Can I have both? Is there any penalty if I have both? What's my best option?
April 3rd, 2024
How can I access my late husband’s 2016 tax records, and why might TurboTax not have the record?
May 3rd, 2023
For taxpayers who sell gift cards, when do they claim a tax deduction for the cost of the goods or services: is it when the gift card is sold initially or only when the gift card is redeemed by the customer?
June 1st, 2024
