Discussion:Money from parents gift or income
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| Revision as of 10:43, 30 July 2009 TAXBILLY (Talk | contribs) (Why is the paren) ← Previous diff |
Revision as of 13:04, 30 July 2009 Taxea (Talk | contribs) (This is why cpa') Next diff → |
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| You are correct. Money earned and taxable. | You are correct. Money earned and taxable. | ||
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| + | {{ForumReplyPost|UserID=Taxea|Date=30 July 2009|Text=This is why cpa's who don't know tax law should stick to accounting advice}} | ||
Revision as of 13:04, 30 July 2009
Discussion Forum Index --> Advanced Tax Questions --> Money from parents gift or income
Discussion Forum Index --> Tax Questions --> Money from parents gift or income
| 30 July 2009 | |
| T/p was asked by parents to manage their financial affairs while parents were overseas. Parents paid t/p $500 / month to perform these services. Parents paid out of a personal account and did not report as a deduction. Parents CPA told my client to not report the $500 / month as income because it is less than the annual gift tax exclusion. To me this does not sound like a gift because it was payment for services but I thought I would run it by the TA community. I would love to exclude the income if I thought it was legal! | |
| 30 July 2009 | |
| Why is the parent's CPA giving tax advice to your client who is not his client?
You are correct. Money earned and taxable. taxbilly | |
| 30 July 2009 | |
| This is why cpa's who don't know tax law should stick to accounting advice | |
