There are many confusing tax laws, but the one that seems to generate the most misunderstanding is the gift tax law. Everyone seems to be aware that people can give up to $13,000 (this amount is periodically adjusted for inflation) a year with no tax consequences – but beyond that it’s fuzzy. A client asked me today if she would have to pay tax on a $100,000 gift her parents were planning to give her to buy a house. The answer is no.
Tax Planning Tutorial: This Fee Only Planner Thinks It’s Time To Clear up the Confusion Over the Gift Tax Law
Do You Know You Have a Money Personality? We’ve all developed money habitudes and attitudes over the years – learned from our parents and other adults, advertising messages, our siblings, and our peers. Some of the information we absorbed about money may not be serving us so well now. For example, if you were raised […]
On my last visit, we got into a chat about money because Trudy had just completed a loan modification and was more than happy to share the details with me. I was very interested because I knew banks were considering loan modifications, but hadn’t heard of anyone actually getting one.