What would be the Tax obligation on a Gift of $15,000 in the State of Georgia?

Congratulations on the gift. Lucky for you, there is no state or federal taxes on gifts to the recipient (the person receiving the gift). There are...

How much money can a mother give her adult son without tax penalty? What is the tax penalty?

There is no taxes or penalty due on a cash gift; however, you may need to file some additional paperwork if the gift is over a certain amount in a...

Is a 50% disabled veteran exempt from tax penalties on a divorce 401k, half cash out for hardship & half IRA transfer

You don't need to even to question whether or not a medical or disability exception applies to your situation. As long as the division of the 401k...

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How can we give her the money without being taxed

If the son is still alive, he could just change the beneficiary to the mother of his children. However, assuming the son has passed away (my...

Hi there - I'm a Tax Attorney & CPA who practices in Wisconsin and regularly help employers and employees/contractors address these types of...

Tax attorney

Hi - I'm a Tax Attorney who practices on the border of Minnesota and Wisconsin so River Falls is nearby. I've helped a number of clients with...

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Before my dad passed he quit claimed his house and property to me. Can i quit claim it to someone without tax penalty?

Most likely there won't be any tax implications to this transfer. However, you should have an attorney review your proposed transfer prior to...

Can my ex claim our son as 'head of household' in the same tax year that I claim him as a 'dependent?'

Only one parent can claim a dependent deduction in any given tax year. If both parents claimed the dependent deduction in a given tax year, it's...

By law, the State Department is required to turn over your name and personal information to the IRS when you submit an original or renewal...

My 50year old sister received a large inheritance a few months ago. Recently she is hospitalized with an injury from alcohol

There are a number of estate planning strategies your sister can take advantage of, but if she lack the mental capacity to make legal decisions, it...