ISO North Alabama CPA

8 Replies

Hello BP, 

I am in search of a CPA in the North Alabama area that can answer several questions for me related to Capital and Real Estate.

One question in particular is that I was gifted capital for a renovation on a property and will need to have loan papers written up so me and my partner do not have to pay "Gift Tax" on the capital. 

Has anyone ever experienced something like this and can drop some knowledge for me? 

Thanks for the help,



Are you open to working with your accountant remotely? I recommend finding an accountant who specializes in real estate taxation over one that is local. You may want to consider working with your accountant remotely to expand your options.

I would also recommend looking for a tax strategist who is willing to work with you throughout the year, not just when preparing your tax return. You want an accountant that can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.

Good luck and let me know if you have any questions.

@Asa Ifill

Something can't be a gift and also a loan.
A gift in general something with no strings attached.

Regarding gift tax, there actually may not be any gift tax involved. There may be a gift tax return filed but potentially no tax paid required.

Something to discuss with your CPA.

@Basit Siddiqi Basit, thanks for the confirmation on no tax actually being paid by the "lender". I got in contact with a local CPA and they let me know that the limit is actually $30k between a married couple and they would not have to file for a "Gift Tax" since the amount I borrowed was less than that.

@Asa Ifill

Your sentence is actually false.

If one person who is married and gifts $30,000, that would require the filing of a gift tax return. There would not be any tax but you still have to identify that you are splitting the gift between husband/wife.