Tax Information - U.S. Armed Forces
Tax Information for Members of the U.S. Armed Forces Members of the U.S. Armed Forces, especially those serving in combat zones, face some special tax situations and are entitled to some special tax benefits.
posted by Milt Baker CPA | 10:54 AM
2 Comments:
Dear Sir,
I am working on a case with a Planner and he has "coached" a client to purchase a home for his son. He retains ownership or deed to the home and subsequently takes $20,000 in "Gift" from the son and daughter in law annually.
The gift is not taxable and went to 11K each for 2004 I believe. My question is can the son and daughter in law gift another 11K each respectively to Dad and Mom and can , more importantly, what makes this "Gift" a no strings attached situation? The gift is not referenced in the Note or Mortgage. It is administered or serviced by a third party as well.
Sherman Mohr
shermanmohr@comcast.net
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