AboutMike Wellman Expertise I was a former Manager with Price Waterhouse, now PricewaterhouseCoopers, the largest accounting firm in the world. I have had clients in almost every industry and of every size.
I will only answer questions dealing with IRS problems such as delinquent tax returns, Offers in Compromise (Tax Settlement), IRS collection matters including installment agreements, liens, levies, seizures, audits, appeals, innocent spouse claims and injured spouse claims. All other will be referred to the question pool.
Experience Over 25 years experience in taxation specializing in IRS collections, examinations and appeals.
Publications New York Times, Wall Street Journal, Your Money.
Education/Credentials BBA, Baylor University.
Awards and Honors IRSOS.com won the Knowledgeweb award for educational excellence for content.
Expert: Mike Wellman Date: 1/30/2008 Subject: Gift of Cash
Question If I gave my children a cash gift for the 2007 tax year, does the money have to be deposited before 1/1/2008 or does the date on the check determine the tax year of the gift?
Answer The date the checks were mailed or made available to the kids. If the gifts were less than $12,000 each ($24,000 if you are married) - it does not make any difference. No gift tax is due and no return needs to be filed. Over that limit and a gift tax return must be filed.
Note: the gifts are NOT taxable to the person getting the gift, no matter how much it is.
