asked
If I pay my relative's monthly bills directly to her creditors (such as credit card and mortgage payments), can I avoid these payments being counted against the $15K annual gift tax exclusion, thus avoiding the need to file a gift tax form 709?
March 30th, 2024
If I e-transfer money to my daughter to buy a new bed for a Christmas present, does she need to declare it as income on her taxes?
November 28th, 2024
How do I legally save on my taxes?
November 16th, 2024
I have a business with my brother and he wants out. I am unsure how to limit my tax liabilities: a straight buyout, sale of his share to a third party, or total dissolution with sale of all assets. Additionally, can another family member buy out my brother?
December 19th, 2023
My wife is receiving a small pension from the UK and social Security benefits in the US. Her US pension is being partially offset by the amount of the UK Pension. How do I report her foreign pension on our Joint Tax return for the year 2016?
May 24th, 2024
I am 89 years old with an IRA worth about $480,000. I have been taking Required Minimum Distributions (RMDs) and my current annual income is around $80,000 from Social Security and pension. I am a widower and have been using Table III for RMDs. I have a financial advisor suggesting converting my IRA to a Roth IRA. What are the implications of this conversion, and should I proceed with it?
May 26th, 2023