Gifts of realestate
- Claiming Medical Expenses for Tuition - May 19, 2020
- Making Capital Gains Taxes Disappear on a Profitable Home Sale - May 4, 2020
- Finding Forgiveness in the Payroll Protection Program - May 4, 2020
News you can use: IRS is working on major compliance initiative to sniff out gift tax cheats especially regarding real estate gifts to kids. It is estimated that 60-90% of those who transfer real estate as a gift, don’t file IRS form 709. IRS is checking transfer records from many states. Even worse, states are providing IRS with this information.
Right now the main states that IRS is implementing this new initiative with are:Top states that IRS is implementing this initiative are: Ohio, Hawaii, Nebraska,Texas, Virginia,Wisconsin, Washington, North Carolina, New Jersey, New York, Connecticut, Florida, Tennessee and New Hampshire,but I suspect will be expanded everywhere