03-03-2005, 06:30 AM
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 Re: Neccessary to file 709 RE: WA State T/P? Ken B. Winger wrote: - quote - > Single 71 widow made following transactions in 2004 to her daughter:
Yes.> 1. Checks written for $6,500 with no reference to being a > gift or any other reason. > 2. Check written to vendor for $20k for a 2003 Horse Trailer > which later was given to same daughter. > Q1: Given total gifts = $26,500 shouldn't she file a 709? - quote - > Q2: Why is it neccessary to even file 709, when her Gross
If widow wins the lottery, it will affect the eventual taxes.> Estate currently is valued at about $500k which is way below > the 1.5m currently federal filing threshold? - quote - > Q3: What would be the potential liablility to the estate or
I think there's a non-filing penalty, but if it's added back> her daughter, if any for not filing this year? in to the estate, there's no serious penalty. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
02-25-2005, 02:08 AM
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| Neccessary to file 709 RE: WA State T/P? Single 71 widow made following transactions in 2004 to her daughter: 1. Checks written for $6,500 with no reference to being a gift or any other reason. 2. Check written to vendor for $20k for a 2003 Horse Trailer which later was given to same daughter. Q1: Given total gifts = $26,500 shouldn't she file a 709? Q2: Why is it neccessary to even file 709, when her Gross Estate currently is valued at about $500k which is way below the 1.5m currently federal filing threshold? Q3: What would be the potential liablility to the estate or her daughter, if any for not filing this year? Q4: Is this just merely a safety precaution since even WA State is currently follows the same filing threshold as the Federal? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| 709, file, neccessary, state, t or p |
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