Gift by HUF to Married Daughters

by J.P.Gupta
(Chandigarh)

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).

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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

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Gift of Money

by Jacki
(Iowa)

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?

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Gifting Business Assets

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?

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GIFTS

by Joe
(La Puente, Ca.)

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?

Thank you,

Joe

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