I have got three married daughters and no son. Me and my wife, aged nearly 70years, are managing HUF of which I am the karta. Me and my wife are having our own assets and are tax payees. May I in the capacity of karta gift movables to my married daughters out of HUF assets? If it is so then up to what limit? (HUF is also tax payee).
Gift Dollar Limit for IRS for Realtor giving gift at Home Closing
I read IRS 2010 Publication 463 on line. It states business gifts are limited to $25 per person per year. In real estate classes I have been taught that realtors can give a gift up to $50.00 and still deduct it on Schedule C. Please advise on that rule. Thank you, Janet
I have a grandparent that recently passed. The remaining grandparent is giving checks for $10,000 to individuals in the family. How does this money effect my taxes? Should I do something specific to ensure I dont get hit with a surprise at tax season?
I have a client who wants to sell his business assets to his son for less than market value. How do I recognize the sale on the LLC return and then have the members (my client) report the gift of the difference between sales price and market value on a 709?
How much money can I receive as a gift before I am required to report it to the IRS? Or in other words, if I have paid taxes on money I've earned how much can I gift to my brother if I'm not reporting the gift on my income taxes?