Northfield NJ CPA – Tax, Accounting & Consulting Services (609) 641-4000  |  info@capaldireynolds.com

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Ask your Accountant: Family Gifts

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...
Ask Your Accountant August 2019

Ask Your Accountant August 2019

Nov 25, 2019 | Charitable Giving

I inherited my mother’s IRA and I’m required to begin taking required minimum distributions (RMDs) this year.  Can I have the withdrawals transferred to a charity and not report them as income? Taxpayers are allowed to donate up to $100,000 ($200,000 for a couple) of...