Posts Tagged ‘gift’

Who has to pay gift tax – donor or recipient?

  • September 16th, 2021
  • David Greene
  • Comments Off on Who has to pay gift tax – donor or recipient?

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?

  • November 11th, 2020
  • David Greene
  • Comments Off on When does the recipient of a gift have to pay the gift tax?

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

  • January 3rd, 2017
  • David Greene
  • Comments Off on Happy New Year

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…

Here are some Back to School tax tips.

  • September 7th, 2016
  • David Greene
  • Comments Off on Here are some Back to School tax tips.

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?

  • May 24th, 2016
  • David Greene
  • Comments Off on What are the most important advantages to having a Revocable Trust?

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?

  • February 5th, 2016
  • David Greene
  • Comments Off on When can a business deduct gifts to Charities?

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…

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