asked
In my situation, my UK citizen parent wants to gift me approximately $500,000 to help buy a house in the US while I am on a work visa (L1). I am applying for a green card. I understand that I would not be taxed on the gift, and my parent, as a non-US citizen, is not subject to US gifting rules. However, I am concerned about the source of the funds and potential tax implications. Does it matter which account the money comes from? For example, if a third party owes money to my parent, can they transfer the cash to me directly instead? What do I need to disclose about where the money came from and why? If the money is payment for goods bought from my UK parent by an EU citizen, does transferring money to me directly (from an EU bank account to me in the US) potentially avoid UK tax on the goods sold, and could this present a problem for me in the US or my parent in the UK?
July 6th, 2024
My parents want to add me as JTWROS to a brokerage account with stocks, bonds, and funds, that will currently pass to me in their will. We all live in PA. Assuming I don't access any of the assets, does/could this cause a loss of step-up basis for some portion of the assets?
February 25th, 2024
Can an individual who is using the filing status of Head of Household (HOH) claiming two children as dependents also claim a lifelong girlfriend as a dependent on his taxes if he completely supports her, she does not earn any income, and she is a stay-at-home mom to these two children?
September 20th, 2024
If a final legal judgement has not yet been made and I am paying my spouse a monthly amount so that the final judgement amount is not such a burden, who is liable for taxes on this amount? It is coming out of my personal account.
February 20th, 2024
What causes the 0.01 error that cannot exceed the total net taxable amount when filing a tax return?
February 2nd, 2023
I'm purchasing 20 acres of AVA designated land to plant grapes immediately. I will pay $150,000 in taxes this year and $200,000 next year. What are my tax deductions on the new farm, and how should I structure my business to maximize deductions and protect my assets?
November 8th, 2023