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I have an 88 year old donor who is considering gifting his variable annuity to us. He purchased it for $100K, and it is now worth between $600-$700K. What are the tax implications of him gifting it to us now? If it matters any, it is not paying out yet.
Submitted Jul 22, 2015
Submitted Aug 7, 2015
Wife and I will reach age 62 in 2015. Husband will continue to work past 62 until at least FRA of 66. Wife no longer works but has earning from previous years working. Benefit less than husband. Is there a strategy to use to allow wife to claim SSI benefits at age 62, and obtain higher benefits, associated with husbands earnings, than she would obtain on her own...
Submitted Jul 18, 2015
Hi, my husband died 9+ years ago and I was told I didn't qualify for benefits because I was not old (I was only 35). So only my 2-year-old son was granted benefits. Several times in the past two years random people have told me that I should have been entitled to benefits. Finally last month I contacted SS and the representative said that based on my input (being...
Submitted Jul 17, 2015
I am trying to put together my assets to be inherited by my family when I die. I am considering a choice between an unqualified annuity and unqualified stocks or mutual funds. At the point of inheritance, what is the tax burden for each of those assets?
Submitted Jul 14, 2015
I am retiring on 9/1/2015 and an contemplating taking my 401K in a lump sum distribution. I will be moving to NY in the middle of Sept or first of October. Is it better to wait to take my lump sum in Illinois or NewYork? and when I file income taxes will I need to file in both states even though I will only be residing in NY for 3 of the 12 months? Will my...
Submitted Jul 9, 2015
my sister is getting a divorce, she is a teacher. her husband is filing. will he get any of her teacher retirement.
Submitted Jul 13, 2015
Hi if a US citizen sell his home located in his former country, the money transferred by wire transfer to US should be declared?. Thanks roger
Submitted Jul 21, 2015
Hi I forgot to specify the question, the money from home selling in the former country, that was built when the person was living there before to emigrate to US should be declared for income tax purpose? Thank you Roger
Submitted Jul 21, 2015