Dr. Friday Radio Show – July 4, 2020

Welcome to another episode of the Dr. Friday show! Don't miss out on this episode where Dr. Friday talks all about taxes, tax filing dates, and the following questions:

• Do I Have To Pay Back TNTAP?
• Do I Qualify For TNTAP?
• Can I Still Apply For PPP and EIDL Loans?
• Will There Be A Second Stimulus Check?
• How Filing An Extention Will Help You
• Do You Need Tax Representation?
• When Will Stimulus Checks Be Done Sending Out?

and so much more! Transcript Announcer 0:01 No, no, no, she's not a medical doctor, but she can share cure your problems or your financial woes. She's the how-to girl. It's the Dr. Friday show. If you have a question for Dr. Friday, call her now at 615-737-9986. So here’s your host financial counselor and tax consultant, Dr. Friday. Dr. Friday 0:31 I'm here live so if you want to reach me You can call me at 615-737-9986. Hope you guys are having a wonderful Fourth of July. I know that there's going to be some fireworks around town so hope everybody will enjoy it. In my opinion, one of the fun parts of the day hopefully enjoys the fireworks this evening. It used to be one of the days we actually spent time as a family. But now a lot more people are spending more time together than they might wish sometimes. So hopefully you are going to enjoy this day and have a fun picnic or something. The weather, at least here is actually in a really good place. It's overcast mostly. So it's a pretty decent day out. So if you've got questions, we're down to the wire here, we're only going to have until 7/15/2020 and then you either need to file an extension or file your personal tax returns. Remember, if you were a business, you did have to have your extension filed by the 3/15/2020 deadline. So if you haven't filed your business and you haven't filed an extension, sooner versus later would be the answer to that question. So if you've got questions, call 615-737-9986 and it looks like we've got someone already on the line, so let's hit Barry. Hey Barry. Caller 1:51 Dr. Friday, thank you. How much money Cash Money can a Father give to the Daughter in whatever period of time and is it taxable? Dr. Friday 2:06 So theoretically you can give them $11 million and that would be your lifetime allowance at this point assuming that you pass away while this law is current, this so you would have to file a gift tax return. Otherwise, it's $15,000 per year that has no effect on your lifetime allowance and it is not taxable. The person giving the money is going to pay the tax it has to be after-tax dollars that you then pass on to a child or a spouse or whoever you're gifting it to. So they don't have to pick it up. The person that gives the money would pay taxes on it before it is actually gifted. Caller 2:44 Okay, so it's money already earned. It's in the bank and we'll say a safe deposit box. It's just $15,000 a year? Dr. Friday 2:54 $15,000 a year per spouse or parents so if you're married, you and your spouse can give your daughter 15 each, so a total of 30. But if it's just you and your daughter, then you could give them $15,000 a year. Caller 3:07 A year. Okay, and it's just like it never happened. Right? Dr. Friday 3:10 Exactly. Caller 3:11 Well, that's good info. Thank you so much. I appreciate it. Dr. Friday 3:14 Appreciate the call. Thank you. That was a great phone call. It's something that you do and you can I mean, sometimes giving. I know a lot of times people will help their children maybe give down payment for their house, or something like that. Normally, that has to be considered gifting. So if you do gift your child 30 or $40,000, and you're a single person giving it to a child, a single child, you remember there is a 709