File A Gift Tax Return
( 2014 IRS Form 709 )
Did you remember your 2014 Gift Tax Return?
Now, everyone likes to be able to give someone else a gift, right!
Well, if you gave a gift in 2014 that is of value the IRS considers to be taxable (after any/all exclusions), you are a very generous human being.
However, you are now also one of those people who is required by U.S. law to file a 2013 Gift Tax Form. Why yes! Tis true!
Okay, now maybe you gave a loved one or someone in need a taxable gift a couple of years ago but never knew that by law you had to pay taxes on that gift because it was over the amount the IRS considered taxable.
In this case, if you just found out what the law requires you to do -- you might need one of the Gift Return forms from a previous year. Well, we have the forms and instructions you'll need, from 2015 back to 2010.
United States Gift (and Generation-Skipping Transfer) Tax Return
Gift Tax Return
Who Must File IRS Form 709
Citizens or residents of the United States must file a gift
tax return (whether or not any tax is ultimately due) in the following situations:
• If you gave gifts to someone in 2014 totalling more than $14,000 (other than to your spouse), you probably must file Form 709. But see page 2 of the instructions for information on specific gifts that are not taxable and for gifts to your spouse.
• Certain gifts, called future interests, are not subject to the $14,000 annual exclusion and you must file Form 709 - even if the gift was under $14,000.
• A Husband and wife must each file a separate Gift Tax Return; joint return are not allowed.
• If you split gifts with your spouse, you must file a return.
• Only individuals are required to file these returns.
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