Message Font: Serif | Sans-Serif
No. of Recommendations: 0
So, as previously discussed, I "gave" some money to my daughter as an early inheritance that was used to help her purchase a home. I filed a 709 for this and all seemed well until today when I received an "adjustment" by the IRS and a significant tax bill for money (that I already paid taxes on). No explanation, just that they "corrected" and "adjusted" my form.

Of course, got this letter this afternoon after 5 pm, so haven't been able to call to get details. Not panicked, but trying to understand what I did wrong or what they may be misinterpreting. Trying to "arm" myself for when I call. Looking for any thoughts or comments.

One thing that crossed my mind: Because she was buying a house, she wanted to use the money for the down payment. Her loan officer required me to sign that I was giving the money for the house. She was free to do whatever she wanted with it, but wondered if this was part of the issue.

Curious as to possible errors to deal with this,


Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.