Episode 18: What do I need to know about Gift & Capital Gains Taxes?

Answers on Aging

Episode 18: What do I need to know about Gift & Capital Gains Taxes?

By Todd Whatley & Sara Scott

Description

Set the record straight for how much a person can gift away, when to let the IRS know, and what your lifetime limits are…

1. How old do you have to be when you start filing gift tax forms w/ the IRS?
2. What if you give your grandkids money each year for Christmas? Does that count?
3. Is there a certain annual or lifetime limit for gifting?($11.8 million for lifetime; $15kper person/per year)
4. What percentage of a gift do I have to pay taxes on? (@50%)
5. Explain the penalty if you don't file gift tax forms w/ the IRS...
6. What are Capital Gains Taxes?
7. Basis: What you originally paid for your home is your basis. 
8. What is a "step-up in basis"?

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Todd Whatley & Sara Scott

Todd Whatley is a Certified Elder Law Attorney with 20+ years of experience and is past President of the National Elder Law Foundations the governing organization over all Certified Elder Law Attorneys nationally. He has worked with thousands of families helping them plan for the future and get the care they need without losing everything they have to pay for care. Sara Scott is a licensed Nursing Home Administrator and consultant to attorneys regarding nursing home issues and works with families to find the best level of care for their needs. She has worked with countless seniors and their families since 2008 in various capacities and has a sincere motivation for helping those individuals achieve the best quality of life possible. Answers on Aging Podcast is the life work of Todd Whatley and Sara Scott. Todd is a Certified Elder Law Attorney with 20+ years of experience of working with seniors and their families and Sara is a licensed Nursing Home Administrator and consultant with over 10 years of experience. They tackle all of the hard subjects with clarity and compassion to help you and you family tackle these years with peace of mind and knowledge.

Answers on Aging