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Thanks so very much:)
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A client gifted equity to his granddaughter.I believe I need to do a gift tax return for that amount, but can I then subtract the gift from the sale?
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Thank you for responding to my question but as you can see there was a spousal contribution that I mentioned when I attempted to clarify.I believe I have it fig...
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I will be more specific - for the 2021 tax year TP was allowed $7,000 (spousal contrib.) Spouse was allowed $1,990. They put $1,990 in his and $7,000 in hers. T...