Video instructions and help with filling out and completing Where Form 4797 Livestock

Instructions and Help about Where Form 4797 Livestock

Hey its tax quips time from taksim mama calm today tax mama hears from barb in the tax script for him with a simple question she says the farmer selling his farm and everything on it to his son for one dollar the basis of the forum and the machinery is approximately a hundred thousand dollars in the fair market value approximately five hundred and ten thousand dollars how do i file their forum 4797 well barb that's a good question but you're looking at this from the wrong direction this isn't a sale it's a gift and if that's what they want to do fine file a gift tax return for everything over thirteen thousand dollars or if mom is still with dad over twenty six thousand dollars or of a son as married mom and dad can gift the son and his wife fifty two thousand dollars let's face it with a five-million-dollar lifetime gift exclusion for each mom and dad there's lots of room to do some gifting besides nothing they do sort of a legitimate fair market value sale will change the basis anyway and remember you can find answers to all kinds of questions about selling to related parties and other tax issues free where where else at tax mama calm