[Liss, Master of Coin]

Hello,

One of my parents has found him/herself(I’m trying to be vague for his/her sake) in the situation that they gifted my sibling equity.

The tax accountant wasn’t made aware of this last year during the sale of the home, but now that they are doing the tax return it has come up. And now my parent is worried that they’ll owe a lot of taxes.

Sadly, tax is not my speciality. So I’m hoping that someone here might be able to shed some light on what may be owed.

Is there is taxes that my parent will have to pay?

I beleive the equity was $50k so was over the annual gift tax amount. What I’m hoping is that it’ll just go towards the ‘estate’ and my parent won’t have to pay taxes now.

Thanks in advance!

CPA (MA, Non Reporting) since Oct. 2015

 

B – 33, 71, 79

A – 32, 61, 70, 83

R – 33, 58, 73, 69, 81

F – 47, 78

1st test 01/19/2013

Last test 05/26/2015

 

CPA (MA, Non-Reporting)

The difference in winning & losing is most often, not quitting - Walt Disney

B - 33, 71, 79!
A - 32, 61, 70, 83!
R - 33, 58, 73, 69, 81!
F - 47, 78! 🙂
After 3 long years, I'm finally DONE!
I could not have done it without NINJA MCQs.

Used: Roger for his Videos, WTB, and NINJA Audio, Notes and Test Bank.

[Jen]

Hi, I was curious and wanted to ask. I know it's been awhile since you passed your exam sections, but I saw your scores. I'm in the same situation in terms of score. Can you explain how you were able to improve in your scores and what was the difference maker for you? This exam is testing my intelligence and motivation. What motivated you to keep going. For instance, audit first was 32, then 61…thinking that was bc needed more studying. But then 61 TO 83 — HOW or what was the difference that got you there. I just got a 61. Thanks.

Jennifer

[Author]

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