United States

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10K gift to reduce taxes from investments for non-working parents?

Posted by admin on 4 Feb 2008 7:25 pm. Filed under United States.
investments
vmsergei asked:


So my parents don’t work & got some cash stocked away in hi-yeld interest accounts. They made about 30K on their investments last year in interest income. What is the best way to reduce their taxes? Is giving 10K to their grandchild going to have an effect on their taxible income?

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Do I need to pay self-employment tax on personal investments?

Posted by admin on 15 Jan 2008 8:11 am. Filed under United States.
investments
illuminate asked:


I’m self employed, but aside from my business income, I have personal investments, which have produced gains of about $20K in 2007. Do I need to pay SE tax on that or just my business income? Thanks for your help.

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