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need an tax accountant. I can ask a few Q's from

Discussion in 'Members' Lounge' started by CRX-YEM, Jan 7, 2004.

  1. CRX-YEM

    CRX-YEM Super Moderator Moderator VIP

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    ok, well with getting into buying a house from my grandmother, we have some tax questions that need answering , if anyone here is an accountant or knows of someone that might give us some free advise please help

    it has to do with gift of equity and what kind or amount of taxes might be due.
    mmk thanks.
     
  2. Bob Vila

    Bob Vila ɐןıʌ qoq Admin VIP

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    lol, dennis, you should know by now the average of hondaswap member's is 16!!!!!
     
  3. CRX-YEM

    CRX-YEM Super Moderator Moderator VIP

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    good point.


    I guess I'm just shooting blanks here.

    man I wish someone in my family was an accountant.
     
  4. Bob Vila

    Bob Vila ɐןıʌ qoq Admin VIP

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    my ex gf brother is a cpa, but i odnt have his # or email addy anymore
     
  5. reckedracing

    reckedracing TTIWWOP VIP

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    I'm an accountant, whatcha looking for?
     
  6. UDT

    UDT Senior Member

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    wow cool im glad no all HSer's are 16,nice tosee someone with a job here :D
     
  7. Bob Vila

    Bob Vila ɐןıʌ qoq Admin VIP

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    well I'll be damned :)
     
  8. 95sir

    95sir Senior Member

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    Ask away man my aunt is a wizzard with number and shit like that..
     
  9. UDT

    UDT Senior Member

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    yeah now every one wants to answer his question and the sorry bastard aint here :D
     
  10. CRX-YEM

    CRX-YEM Super Moderator Moderator VIP

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    the question is:
    were are buying my grandmother home for $145,000 (the house has an appraised value of $187,000) so there are alot of things we can do right now.
    if we inflate the selling price to $174,000 and she gives us a "gift of equity" for $29,000 I avoid having to put any money down and only have closing costs to worry about.

    Now here's the problem I know that you are allowed to gift to anyone $11,000 a yr and the IRS doesn't bat an eye.

    so my grandmother would then be infact giving me us $29,000 ($11,000 and my wife $11,000) there is $7,000 that the IRS is gonna wanna know about.

    So is there an actually gift tax due on the $7,000 or is it covered under the lifetime maximum "unified credit"

    also would I be considered a direct skip as I am a grandchild even tho I am purchasing the property vs her actually giving me the property, she's only giving me a part of it.
     
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