Traders Accounting - Tax Resource for Traders

Traders Accounting is an accounting firm providing specialized services to active traders. If you are an active trader you need our services. We are the leading accounting agency for active traders in the United States and we want to provide you with the complete government subsidies awarded by the IRS specifically to day traders. In less than a 20 minute phone call to one of our Trader Coaches you can start adding $5,177, or more, every year to your brokerage account.

Wednesday, August 5, 2009

Gifts made via powers of attorney continue to create tax woes.

The problem arises when the document is silent about making gifts, as this case shows. An elderly father in poor health gave his son power of attorney over his assets. Just before the father died, the son wrote checks for $11,000 (the maximum amount of the annual gift tax exclusion then) to 17 family members. The gifts must be added back to the estate for federal estate tax purposes, as a district court says, rejecting the son's deathbed estate planning. The gifts he made weren't specifically authorized by the power of attorney are unauthorized (Barnett, D>C>, Pa.) The problem could have been avoided had the document said gifts were OK.

TAX SECRETS FOR TRADERS – STOCK AND OPTIONS SERIES (NEW)