Tax Planning: U.S.

Recent Answers

2009-11-09 Tax Law (Questions About Taxes) - Gifting a 1031 property:

The $13,000 is an annual exclusion and can be given to an unlimited number of individuals. It is was is referred to as a non-taxable gift. The $1,000,000 is your personal exemption for taxable gifts

2009-11-09 Tax Law (Questions About Taxes) - Gifting a 1031 property:

Karen, Thanks for your question. No tax problem if you follow all the procedures. Since the gift exceeds the annual exemption amount of $13,000 each of you would need to file a gift tax return.

2009-11-09 Nonprofit Law - Conflict of Interest/Grant writing:

How long ago did you send in your last papers regarding that form 1023 application? What is the date of the exemption determination letter. After you give me that information I will reply further.

2009-11-08 Nonprofit Law - return of donor gifts:

Generally, donors give up any authority over donated items and funds, unless they had a specific signed agreement with the nonprofit with a reverter clause or at least a letter indicating the conditional

2009-11-08 Tax Law (Questions About Taxes) - tax fraud in undesignated offerings?:

If the church is holding a "special offering" for a specific purpose - evangelist, parsonage renovation, whatever, contributions to that fund are tax deductible. What is not deductible is a situation