Taxgirl

Years ago, I found myself sitting in law school in Moot Court wearing an oversized itchy blue suit. It was a horrible experience. In a desperate attempt to avoid anything like that in the future I enrolled in a tax course. I loved it. I signed up for another. Before I knew it, in addition to my JD, I had a LL.M Taxation. With two graduate degrees and an internship at the Internal Revenue Service attorney’s department under my belt, I needed only to don my cape…. taxgirl was born.

Taxgirl.com, now syndicated with Forbes, is a popular site for tax news, tax info and tax policy. I incorporate my experience and education in tax law with my love of writing - and yes, being a little snarky. Specialties:tax law, federal income tax, international tax, estate and tax planning, tax policy

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My parents gifted me & my siblings some rare coins worth ~ $76,000 per person. What tax forms do we need to fill out?

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WalletHub

@WalletHub

You and your siblings will not have to file a tax form as taxes are paid by the persons who give the gifts, not the recipients. Your parents will have to fill out the IRS Form 709, which is issued to report taxable gifts. You can find the form here: https://www.irs.gov/pub/irs-pdf/f709.pdf.

Can I prepay 4 years of tuition for my son with my 529 plan? The IRS code does not seem to give a direct Yes/No answer. Frustrating!

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