The Small Business Tax Help Blog

Posts Tagged ‘business’

Question: What would the gift tax be on this property?

Class: INDUSTRIAL
Land Appraisal: $ 99,800
Building Appraisal: $ 177,800
Total Appraisal: $ 277,600

Total Assessment: $ 111,040

This is a 4300 sq ft office building, I am going to use to start a city-wide business. Could someone please tell me the gift tax on it?

Im located in Memphis, TN (Shelby County).

My grandfather is going to give me this property. I am going to pay the taxes on it. He purchased this property for $20,000.

Could someone give me an estimate of what the taxes would be for an estate under $1,000,000 and an estate over $1,000,000.

Will the gift taxes be 48% of the value, or will the gift tax be less?

Could he just sell me the property?

Answer: It would be much better if he gave it to you in his will. If he gives it to you in his will then your cost-basis will be the then current value. If he gives it to you now then your cost-basis will be his original cost. For example, if it is worth $300,000 now and he gives it to you, and you later sell it for $400,000. You’ll pay taxes on $380,000 ($400,000 – $20,000). If you get it via his will, the taxes will be on $100,000 ($400,000 – $300,000). As far as estate (gift) taxes. There are none in 2010. In 2011 it will be 55% of the value of the estate over $1 million. You should hire a good estate lawyer to go over all the options and costs. This is a very complex area of law and might effect his ability to get medical services through Medicaid if not done correctly.

New Business Tax Questions, CPA Memphis, Memphis Tax Expert

How Search Works

Question: I need the form to fill out an estate for my dad who is deceased.?

My stepdad past away he had no beneficiaries so as the stepdaughter iwas told to make an estate for him on his behalf. I don’t know what form to use.I do know his EIN number. Please help thank you.

Answer: A form is not important; an analysis is what the court wants.
They wish to know what to tax the estate and how to
divvy up any assets. I do not think the court asked you to
make an estate but instead, to identify what is IN HIS estate.
You can’t “make” one. An estate is what one owns.

Die Immobilienmaklerin – ein Loft

Day Trader Business: Trader Entities with Steve Ribble (ShrinkMyTaxes.com) Pt.1

HMRC Guide: Self-Employed Childminders