Posted by JMS/.MN on June 09, 2010 at 21:22:29 from (209.237.107.155):
In Reply to: Paying taxes posted by flying belgian on June 09, 2010 at 20:57:10:
CRS says some years ago you could "gift" anyone up to $13000 without any tax obligation on their part. Beyond that, a recipient could receive more, but the tax liability would be on the estate of the gifter, not the giftee. I remember asking my tax CPA about that- no wonder people who inherited home money did so well- they could inherit as much as possible without paying taxes on it. Granted, they had no tax basis in the property for when they sold it. BTW, I think I"m older than you, but still adoptable!!!
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Today's Featured Article - Good As New - by Bill Goodwin. In the summer of 1995, my father, Russ Goodwin, and I acquired the 1945 Farmall B that my grandfather used as an overseer on a farm in Waynesboro, Georgia. After my grandfather’s death in 1955, J.P. Rollins, son of the landowner, used the tractor. In the winter 1985, while in his possession the engine block cracked and was unrepairable. He had told my father
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