Do I have to pay a gift tax on the money given to my wife and me for our wedding?
- David Greene
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That is a good question, with an easy answer. You, as the receiver of the gift, do not pay the gift tax. The donor pays the tax. However, anyone can give an individual a gift of money, property or any…
Does the donee of a gift ever have to pay gift tax?
- David Greene
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Unfortunately, the answer is sometimes yes. This happens if the donor does not pay the tax or properly file a gift tax return. This usually happens when is deceased because that is usually the only situation where the IRS pursues…
Who has to pay gift tax – donor or recipient?
- David Greene
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That is a good question, with an easy answer. The receiver of the gift does not pay the gift tax. The donor pays the tax. However, anyone can give an individual a gift of money, property or any other asset…
When does the recipient of a gift have to pay the gift tax?
- David Greene
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The IRS may look to the recipient of the gift to pay the gift tax if the donor did not pay the tax. Usually, the only situation where the IRS pursues the recipient of the gift is after the donor…
Happy New Year
- David Greene
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I hope all of my readers had a very nice Christmas holiday and I hope you are looking forward to a New Year filled with hope and promise. To begin, I want to tell all my readers that the 2017…
Can the IRS force the recipient of a gift to pay the gift tax when the donor does not?
- David Greene
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When the donor of a large gift does not pay the gift tax owed, the IRS can seek to have the tax paid by the donee. This usually occurs in the situation where the donor has died without paying the…
Here are some Back to School tax tips.
- David Greene
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Here are some school related tax tips. (1) Although private school tuition is not deductible, the child care component of the tuition is deductible for kids under 13. (2) Also for kids under 13, before and after school care may…
What are the most important advantages to having a Revocable Trust?
- David Greene
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The most often stated advantage to havihng a Revocable Trust is that it will help the family of the deceased avoid probate However, there are certainly other advantages as well. First, a revocable trust can help insure passing of assets…
When can a business deduct gifts to Charities?
- David Greene
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Gifts to charities by a business are not alweays deductible, but in some cases they are. The IRS Chief Counsel recently issued an Advice Ruling in which he said that when a business conducts a promotion where it advertises that…