If it's an actual business you can deduct the legal expenses. If it's just an investment, then the legal expenses would be miscellaneous itemized deductions whi...
@jlavswrote:A gift to a sibling would not be considered a skip or indirect skip, right? So I would use Schedule A Part 1Gifts subject only to tax, correct?That ...
Best way to handle this, IMHO, is you each file a 709 for 1/2 of what you gave, which was a gift of equity of $100,000 ($850,000 FMV less $750,000 received from...
You each made a gift of equity of jointly owned property to two separate people....half to your son and half to your daughter-in-law if they're both on the deed...
Not a taxable event for you unless you exceed the lifetime exemption....which was$13.61 million for 2024.No choice as to how to transfer gifts if the gifted pro...
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