AboutJohn Stancil, CPA Expertise I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Association of Tax Professionals, and the Institute of Management Accountants.
Visit my website at www.johnstancilcpa.com.
Also visit my blog, www.thetaxdocspot.com.
Experience I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I write a monthly tax column for the local newspaper. I have prepared taxes for over 30 years.
Education/Credentials DBA University of Memphis
MBA University of Georgia
BS in Accounting Mars Hill College
Question I understand that $11,000 is the max that can go untaxe from the donor in one
calendar year. My school costs more than that per calendar year. If my uncle or
cousin pays for my school, and pays directly to the school, can they write that
off as a gift? How does that work? Would IRS treat that as an income for me even
though the money goes straight to the school?
Answer Ana,
Thanks for your question.
1. The annual gift exclusion is now $13,000. Gifts are not taxable income.
2. Amounts paid directly to an institution of higher education for tuition and qualified educational expenses is not subject to gift tax or income tax.
