Gift Tax Return

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Dictionary Says

Definition of 'Gift Tax Return'

A federal tax form that must be filled out by any individual who gives a gift that exceeds the annual or lifetime exempt gift amount established by the IRS. For example, if the annual gift tax exemption is $13,000 per recipient, anyone who gives a gift worth $13,001 or more to a single recipient will have to fill out a gift tax return. The return must be filled out because gifts above the exempt amount are subject to a gift tax.
Investopedia Says

Investopedia explains 'Gift Tax Return'

Unless special arrangements have been made, it is always the gift giver, not the recipient, who is responsible for paying the gift tax and for filing the gift tax return. The gift tax return is IRS Form 709. In order to avoid the gift tax, many people choose to engage in estate planning, which involves the use of a financial planner, tax professional and/or attorney to strategically choose when, how and who gets the estate owner's money.
Search results for

'Gift Tax Return'

  • Series 65 Study Guide - Taxation Issues - Estate and Gift Taxes ...

    http://www.investopedia.com/exam-guide/series-65/taxation/estate-gift-taxes.asp
    ... However, a gift tax return must be filed, showing the amount of the gift
    and the amount of the Unified Credit that is being taken. ...

  • Series 66 Study Guide - Analyzing Your Client's Financial Profile ...

    http://www.investopedia.com/exam-guide/series-66/analyzing-financial-profile/estate-gift-taxes.asp
    ... However, a gift tax return must be filed, showing the amount of the gift
    and the amount of the Unified Credit that is being taken. ...

  • Uncle Sam's Surprise: Unexpected Sources Of Taxable Income

    http://www.investopedia.com/articles/tax/09/owe-nothing-federal-tax-return.asp
    ... using form 1099-B, and the vet would declare the amount on his or her return. ... to
    a third party (except to your spouse), it can be subject to a gift tax - a tax ...

  • 2009 Tax Credits: A Holiday Gift To Yourself - Investopedia.com

    http://financialedge.investopedia.com/financial-edge/1009/2009-Tax-Credits-A-Holiday-Gift-To-Yourself.aspx
    ... out and buy gifts for others, make sure you give yourself a gift by wrapping ... Even
    if you don’t make enough money to file a return, this tax credit will ...

  • A Look At The Generation-Skipping Transfer Tax

    http://www.investopedia.com/articles/tax/09/generation-skipping-transfer-tax-gst.asp
    ... be made to a skip person. The form required for a GST is the same form
    as the federal gift tax return form, Form 709. Direct vs. ...

  • 10 Sources Of Nontaxable Income

    http://www.investopedia.com/articles/tax/10/nontaxable-invome-sources.asp
    ... to help you avoid triggering the gift tax and let you know when you should file
    IRS form 709, United States Gift (and Generation-Skipping Transfer) Tax Return. ...

  • Spoil Your Grandkids, Cut Your Tax Bill

    http://www.investopedia.com/articles/tax/09/cutting-taxes-with-college-costs.asp
    ... penalties and a relatively low rate of return compared to ... use their state's plan,
    and a special tax break for ... up as many as five annual gift tax exclusions on ...

  • No Debt Forgiveness For The Tax Man

    http://www.investopedia.com/articles/tax/09/tax-bill-debt-settlement.asp
    ... However, They may be subject to gift and estate tax. Deductible Debt – Expenses
    that would have otherwise been deductible on your tax return may be excluded ...

  • 10 Steps To Tax Preparation

    http://www.investopedia.com/articles/pf/07/tax_prep.asp
    ... that when it comes time to file your return, you'll ... information ready to go for when
    your tax returns are ... was earned income (as opposed to a gift you received ...

  • Estate Planning: Estate Taxation | Investopedia

    http://www.investopedia.com/university/estate-planning/estate-planning9.asp
    ... taxes.) The federal unified-transfer-tax system, which links the federal gift tax
    to the ... An estate tax return for a US citizen or resident needs to be filed ...

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