These regs are important. They deal with gift receipts and qualified appraisals, documents on which IRS auditors focus. The new regs take effect January 1, 2019. Without a correct gift receipt, Donor will have his or her entire federal income tax charitable deduction disallowed on audit. Same result as to an appraisal that doesn’t meet …Read More
Life estate gifts involve the gift of a personal residence or farm subject to a retained life estate. The retained interest also can be an estate for a term of years. “Estate” means the exclusive right to occupy or the right to rents (e.g., in the case of a farm leased to a tenant). “Personal …Read More
When working on an estate where you are the primary beneficiary, it can be worth checking www.missingmoney.com for lost assets. This is a joint website set up by 42 (so far) state unclaimed property agencies to help find missing assets. Just plug in your or your organization’s name and see what pops up. It also offers …Read More