AboutGlenn D Schnabel Expertise I can answer most federal individual income tax questions.
I can not provide legal advise.
Experience I have worked for a CPA firm for over 11 years.
I have worked in private as well as government
I have recently been running a tax preparation office, mainly focusing on
individual income taxes
Organizations I have been affiliated with managing condo associations and as a member of a coalition to educate condo owners as to their rights and responsibilities.
Education/Credentials I have my B.S.B.A in Business Administration . Concentration in Accounting
I have gone to yearly tax seminars and have tried to keep up with the
evolving tax changes
Awards and Honors Over my years I have received local awards for contributions to worthy
organizations.
Past/Present Clients This, of course remains confidential
Question My Mother in Law wants to gift her three children $10,000 each, i understand from your answer to the gift question that we will no have to claim this as income. My question is if there is a standard form that should be filled out or will a letter saying the gift is being made sufficient?
Answer David,
Thank you for your question.
1)My question is if there is a standard form that should be filled out or will a letter saying the gift is being made sufficient?
I would say something like this:
The date of the letter should be the date of the gift
TO WHOM IT MAY CONCERN:
I, your name, am giving $10,000 to (the person you are giving to)
as a gift.
Make it simple. Do not make it conditional , i.e based upon him doing so and so..
Sign the letter . You keep a signed original and you give your child a signed copy.
I'm sure if you go to your local stationary store , they may have a Bloomberg form for a gift. If not, this should suffice.
