(Mother's POA in Michigan) With the help of elder law attorney, I was able to see that mother in nursing home qualified for Medicaid in 2019. There was a penalty period (private pay) due to her "gifting" some of her money earlier in the year. I am currently filing her 2019 taxes and have been told by the tax preparer that he will have to charge me almost $450 to file the gift tax form. (Mother gifted more than the threshhold $15,000 per recipient but I've been assured that there will be no gift tax to pay.) If nothing else, I might be able to tackle the 5-page form myself but worried about the "correct" way to make sure it is reported properly.
Anyone had experience in this? Advice? Thank you
I've never used a paid preparer so I don't know what the cost is. One of the firms I worked for prepared 709s for clients, but the charge would have been on an hourly basis. That was a few decades ago though.