Reply #3: Do not pay taxes [View All]

without talking to your CPA. Also, surf the web & look for Liz Pulliam Westons' column. I know she's written about this. There is a million dollar lifetime limit for tax free gifts.
Also, not to sound like a snot, but half the people graduate at the bottom of their class. Make sure your CPA knows what s/he is doing. Ask about the million dollar limit & see if s/he knows about it. If not, get a second opinion.

Here's an example: The first time we used our CPA I answered a few questions, one being, Was all your income from wages? I said yes. He sent out a accountant, not a CPA. I had sold some stocks in a trust fund & just assumed it would be counted as wages. She collected all our paper work & took it back to the office. A week later she came back with some huge amount of tax we owed & said she was still working on it. I had a meltdown & said to just send the statements, etc. back because I needed to get it done ASAP & start planning what country we would flee to. :rofl:
The CPA called & said she was confused, that stock sales are taxed at a different rate & he would come out & do it for us. Well, instead of owing obscene amounts we only owed a few hundred. I cancelled our plane tickets.

best