Tax Compliance - 2020
Tax Compliance - 2020 | Winter Park, Florida
Tax preparation and business consulting. Tom Gillmore, CPA prepares taxes for individuals and small businesses located in Windermere, Winter Park, Maitland, Florida and nearby cities. We come to your home or office.
What We Do
We meet with you to gather documents and to find out what your long term goals are. We take business records and compile them into financial statement format for preparing your taxes.
What You Do
We ask to meet with you for an hour to get to know you and your goals. We ask that you keep detailed records which support your income and deductions.
Gift and Estate TAx -2020
Basis Transfers
According to the IRS, your basis in gifted property is carried over from the donor; while your basis in inherited property is stepped up to fair market value
Fair Market Value of Transferred Wealth
The IRS requires a determination of Fair Market Value (FMV) for property received as a gift or inheritance. The FMV can be determined informally, i.e. without an appraisal but you are advised to substantially conform to the level of expertise provided by an expert appraiser.
FMV of gift allowed to be calculated in a less formal manner than an accredited appraisal.
In calculating the donor's basis on the gifted property is important to include improvements to the property and diminution
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Estate Tax Formula
(+) Gross Estate
(-) Deductions, claims, expenses, taxes
(-) Casualty and theft losses
(-) Charitable bequests
(-) Marital deduction
(=) Taxable Estate
(+) Taxable gifts made after 1976
(=) Total Taxable Transfers
(x) Tax Rate
(=) Tentative Estate Tax
(-) Gift taxes paid on post-1976 gifts
(=) Gross Estate Tax
(-) Applicable credit amount
(-) Other Credits
= ESTATE TAX LIABILITY