My parents gifted us the house in 2020, how to we claim this? We're not going to sell it, rather we will sell our current house and use the equity and remodel the gifted house. We have lived in our current house for over 9yrs and it will be less than $500k, so capital gains tax shouldn't... Read more »
Your parents (the giftor) should file a gift tax return because the amount of the gift exceeds the exemption. The exemption is set at $15,000 per person. If your parents (two giftors) choose to gift split, and the gift is given to you and your wife, this allows for a $60,000 exemption ($15,000...Read more »
Father-in-law giving $250,000 to help purchase a property that is $500,000. This Texas property is 30 acres plus home. Will he be taxed on that "gift" or does it fall under the Lifetime Credit Tax Exemption? Additionally, it's not really a gift as we are leasing him 25 of the... Read more »
Short answer is yes he must file a gift tax return. However, there is a lifetime exemption amount of $11,700,000 per person. That means that your father can gift up to $11,700,000 tax free during and after his life via gifts and his estate. The lease does not matter. It is still a gift if you are...Read more »
If you want to hold yourself out as a non-profit, then yes, you must be a non-profit. To become a non-profit, you must (1) create an entity with the Secretary of state and (2) file a 501(c)(3) application with the IRS. You cannot do this without an attorney and/or a CPA. Try to find an attorney who...Read more »
In 2015 my wife and I moved to Dallas from our primary residence in Austin for a new job opportunity. We rented the house out until 2019 when we then sold it. According to IRS publication 523 if you take a job over 50 miles from your primary residence, you should be eligible for some capital gains... Read more »
Multiple dealerships locally offer “guaranteed financing” stating that there is no credit check, “your job is your credit”.. my ex wife ruined my credit. So when I needed a replacement work truck I went to several of these type of dealerships. Just for them to run my credit and turn me... Read more »
I'm an insurance agent hired as a 1099. I formed the LLC w/ S corp tax designation, but my agency can't pay my LLC unless it is licensed with the state. That requires I carry a 500k E&O policy, which costs approx. 1k/yr. Would I be able to deposit checks made out to my name into... Read more »
I don't see any reason why you could not do this provided you 1) ensure your salary is reasonable based upon fair market comps 2) issue yourself a W-2 at year end 3) pay estimated payroll tax payments monthly (or bi-monthly depending on how often you are paid...ask an accountant) 4) file 940s...Read more »
Probably yes but it depends on what your custody order says. There may be a "no shack up" clause that prevents overnight visits when your ex has not remarried.
If the new girlfriend is a danger to the child, you likely have grounds for a modification.
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