Questions - FAQ
- Estate and Trusts
Tax Basis of inherited and gifted property
- Is it true that if I gift low basis assets, like
stock I bought in 1960, to a terminally ill person
and he or she then Wills the items back to me, that
such inherited property that I receive will be
granted a tax cost basis equal to the fair market
value on the date of death and that upon sale of
that property at that price I will not have any
capital gain taxes to pay?
- Q: Gift
Planning Techniques - Why is there an
annual gift tax exclusion? Why does the
government impose a gift tax? Does a gift of
any interest in property qualify for the annual
exclusion? What type of gifts are excluded
from gift tax?
- Generally Accepted Accounting Principles (GAAP)
- Forms 1099
- Q: Form
1099 Harassment - Can issuing a Form
1099 under false pretenses come back to haunt you?
- Q: Real
Estate Professionals - Who is considered
as a real estate professional? What are the
penalties for failure to file Form 1099?
- Q: Nanny
Tax - What is the Nanny tax? Who should
not issue Forms 1099 to health care workers?
- Other Matters
- Q: Record
Retention - Records should be preserved
for only as long as they serve a useful purpose or
until all legal requirements are met.
- Q: Personal
Goodwill - In marital dissolutions, how
does the valuation of a privately held company and
the determination of alimony result in double
benefits to the so called non-monied spouse?
- Q: IRS
Employees - Termination Act and Omissions
- What 10 acts or omissions result in the
termination of IRS employee?
- Q: Dual
Residency and Sale of Principal Residence Home
- Can married taxpayers qualify for the exclusion
from gross income of the gain from the sale of a
principal residence, when one of the taxpayers is a
resident of one state and the spouse is a resident
of another state?
- Renewable Energy
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