I have a client who wants to gift the equity in a piece of real estate to his son. Are there any tax consequences to that? The client currently owns a piece of real estate with a loan on it and wants to gift the property to his son who will refinance it. I am pretty sure he will have to file a gift tax return since the equity is over the annual gift tax exclusion amount. I am also pretty sure you can give something away without paying income tax, but I'm not sure if there are no tax consequences to being relieved of the debt. Please answer and provide citations to code, regs, etc...thanks.

September 4th, 2024

My monthly income is $4,100, consisting of $692 from Social Security and $3,434.31 from Veterans Administration Disability. Do I need to file income tax?

March 2nd, 2024

I have a payment arrangement with the IRS for back taxes of $1800 per month. I've been paying on time for the past 4 years, but this month, I forgot to mail the payment and it was 8 days past the due date. Will the IRS cancel my installment agreement for being 8 days late?

April 11th, 2024

On a glider kit truck, if the engine and transmission are remanufactured or rebuilt without using a donor vehicle, and the completed cost is less than 75% of the Manufacturer's Suggested Retail Price (MSRP) of a new comparable truck, is Federal Excise Tax (FET) applicable?

April 4th, 2023

I recently moved to NY, got a new job with a higher salary, and my taxes have increased significantly. I would like help reviewing my tax withholding and W4 to ensure they are accurate. I am single, have no dependents, and my gross salary is $100K. I am paid twice a month. What adjustments should I make to my W4 to ensure proper withholding?

June 8th, 2023