Gifts Archives - FREE Yourself from IRS Problems

Shamsey Oloko May 25, 2016 Estate Tax, Gift Tax, Gifts 0

Tax Consequences Of Selling Or Giving Your Home To Your Children

Many parents consider and assume that one of their children will succeed them in living in the family residence. Of course, this place may be the house in which the child grew up and spent a considerable amount of time.…

Shamsey Oloko March 30, 2016 Estate Tax, Gift Tax, Gifts, Income Tax, Inheritances, Internal Revenue Code, IRC Section 61, New York Estate Tax, Representation, Taxable Income 0

Gifts and Inheritances Under the Tax Code (26 U.S.C. §102)

Section 61 of the Tax Code states that “except as otherwise provided in this subtitle gross income means all income from whatever source derived”. Thus, the federal tax law requires taxpayers to pay income taxes on earnings, commissions, rents, royalties,…

Shamsey Oloko April 27, 2015 Capital Gains, Child Support, Damages, Death Benefits, Deductions, Gifts, News, Proceeds, Punitive Damages, Welfare Benefits 0

Is Your Income Taxable

Is Your Income Taxable? Generally, under IRS rules, all incomes are taxable, except if they are specifically excluded from income. Taxable income includes money earned, like wages and tips. It also includes bartering, an exchange of property or services Certain…