There are certain IRS gift tax rules that you need to understand when it comes to monetary gifts that are either given or received. The good news is that you can give or receive considerable gifts in the form of money and property without there being federal taxes due on them. What you do need to be aware of, however, is that there are limits as to what Uncle Sam considers to be a ‘considerable’ gift, and this may differ from your opinion.
For example, in 2013, people could give gifts up to $14,000 without having to file IRS Gift Tax Forms. And, there is no limit as to how many people you give gifts to, and you can give to the same person or people each year. It’s also important to know that according to IRS gift tax rules, all federal gift taxes must be filed on a calendar year basis.
We’ve Got the Forms You Need
When filling out gift tax form downloads from the Easy Tax Information website, include all reportable gifts on one return using that year’s form. Separate returns are needed for each year a reportable gift is given, but do not file more than one form for any calendar year.
If you have any more questions regarding IRS gift tax forms, you’ll find plenty of information on the Gift Tax Rules page. Or, contact your tax attorney or accountant.
In addition to the gift tax deduction information that is included on our website, you’ll find many other tax forms and instructions to go with them. We make it a priority to keep our site clean and well-organized so that people can find the information they need quickly. We want to take the stress out of filing your taxes, not make them more stressful!
Whether it’s IRS gift tax rules you want to learn more about or access to basic IRS forms, you’ll find everything you need on the Easy Tax Information website. Enjoy!