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Ask your Accountant: Family Gifts

Dec 5, 2019 | Tax

Taxes on Gifts from Parents

My parents gave me a gift of $100,000. How do I pay the taxes due?

The good news is that you don’t owe any taxes on gifts that you receive. Gifts are not considered income for either federal or New Jersey income tax purposes. However, if you are making a gift, contact your accountant about any reporting requirements.

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New Status for Therese Connell

New Status for Therese Connell

Therese Connell, one of the firm’s Partners and Director of its Estate and Trust department, marks 25 years with the firm this year. She has decided to move to part-time status at Capaldi Reynolds & Pelosi effective August 31, 2018. Therese has served in her...

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Quickbooks Quick Tip

Quickbooks Quick Tip

Have you ever posted to incorrect accounts or classes for a few months in Quickbooks?  One way to resolve the problem is to go back to each transaction and change it manually.  This is both tedious and time consuming. Fortunately, Quickbooks has an accountant’s tool...

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