Tax Guy: Dear Tax Guy: Our accountant charged $486 for a simple gift-tax return. Why would it cost so much?

by | Jan 9, 2023 | Stock Market

Dear Tax Guy, We gave our daughter money towards a down payment on a home and learned we had to file a gift tax return. Our accountant charged us $486 for this. Why can’t you just add a form to your regular tax return? What is so complicated that it would cost so much? Sticker shocked

P.S. There is no legwork involved except for inputting the amount and to whom into a form. As we were charged $987 for filing our return, I am amazed at this fee!Dear Sticker shocked, I’ll begin my answer with questions. A mechanic informs you that your car needs a new air filter, brake pads or some other important-sounding repair. The cost will be north of $500. What do you do? A plumber arrives to fix a slow-working drain at your house and discovers a leaky pipe connection that’s slowly seeping water into your walls. The job quote is around $750. What do you do? A doctor advises a medical procedure and your deductible kicks in after the first $1,000. What do you do? Like a taxpayer who pays an accountant’s fee, the …

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