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Showing content with the highest reputation on 06/06/2014 in Posts
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This could be their letterhead:
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If he sold voluntarily at a loss (to a relative, say, at a discount) when he could have gotten FMV, only then a gift tax return would come into play. If he can't get any offers any higher, then he didn't "give" anything away.2 points
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I am fond of following the regs and printing forms to keep for compliance. Dropping another copy in the mail is easy too.1 point
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If you haven't already, you may want to use worksheet in IRS pub 590, appendix B to see if it comes out the same. Apparently one of the wrinkles involved is if covered by retirement plan and the worksheet itself is 3 pages to determine deductibility/taxability of soc sec benefits with IRA deduction. Just a thought.1 point
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Thanks for a terrific program that does everything it needs to do, efficiently and low cost!1 point
