I'm considering gifting $50,000 in stock (which I already own) to a sibling. I know there is a gifting limit of $17,000 per year that is tax-free. My understanding is that the excess gift ($33,000) is simply applied toward my lifetime gift exclusion and will not be taxed until I reach the lifetime limit, which is something like $12 million (which I have not reached, of course). Is my understanding correct?

October 31st, 2023

I filed for a tax extension in April, which was approved. However, today is the extension deadline and I don't have a relevant piece of information that I needed, which is a PIN number from Vermont Municipal Retirement Department. I applied for the PIN on Saturday. Can I get another short extension without any penalties?

June 2nd, 2023

I bought a house for $280,000 for rental use (business). How do I determine the house price vs. land price for depreciation purposes, and how can I depreciate each asset inside the house separately (e.g., bathroom, cabinets, roof, etc.)?

March 17th, 2024

I received a notice from Global Tax Service in Dubai to pay $150,000 in taxes on a brokerage account with Bitrend brokerage that holds $4.6 million in cryptocurrency. The account is under my name, and Global Tax Service has placed an embargo on it, preventing me from accessing the funds. I do not understand the embargo rules and how to get it lifted. Additionally, I am unsure if the account and the tax notice are legitimate. How can I verify the account's existence and the tax notice, and what steps can I take to resolve this situation?

October 24th, 2023

My husband passed away in June 2023. I am trying to complete our 2022 taxes but I can't find his Social Security 1099 form. How can I obtain this document?

April 29th, 2023