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Information about Taxable Gifts

Tuesday, June 16, 2015
Do you need to determine if you charitable gift is taxable?

Have you given a gift to someone, such as money or property and you are wondering it qualifies as a federal gift tax?  In actuality, there are several rules to understand if gifts are subject to the gift tax.  We are the Strategic Tax Lawyers, IRS Tax Attorneys who assist with IRS Bank Levy help and IRS seizure of assets help.  We are experts in the IRS tax code and want to provide you with tips about gifts and the gift tax.

First of all, any gift is considered a taxable gift. But, as you know there are always exceptions to the rule. Non-taxable gifts can include tuition and medical expenses that are paid directly for another individual; gifts to your spouse or partner, if married by law; gifts for political parties; gifts to charities.  Also a significant amount of gifts are not subject to the gift tax. The annual exclusion for a gift tax is $14,000.  In general, the individual you give a gift to will not need to pay a gift tax nor will they need to pay income tax for that gift.  In addition, if you give a gift it does not necessarily your federal income tax.  It is not allowable to deduct the worth of gifts you make.  An exception is for charitable contributions that are deductible.

Taxpayers need to file IRS Form 709 if you gifted to more than one person, besides your spouse, if the amount was more than the annual exclusion for the year; if you split a gift with your spouse; if you gifted someone, besides your spouse a gift that they are not able to enjoy possess, or if they will receive a future income from.

If you need assistance with an IRS-related matter, the Strategic Tax Lawyers We are the Strategic Tax Lawyers, IRS Tax Attorneys who assist with IRS Bank Levy help, IRS seizure of assets help and all other IRS-related tax matters.  Our firm has years of success in IRS dealings.  Call the Strategic Tax Lawyers at (800) 669-4775 for a free consultation to assist you with your tax-related matters.