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Yes as long as it is a qualified gift according to the IRS gov website definition.
Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return.
For tax year 2009 or 2010 one individual can gift to any other number of individuals up to $13,000 each without any reporting by either party each year.
The person who receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value.
If you give any one person gifts in 2009 or 2010 that were valued at more than $13,000, you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts each year.
For more information go to the IRS gov web site and use the search box for publication 950, Introduction to Estate and Gift Taxes, IRS Form 709 United States Gift Tax Return, and Instruction for Form 709.
The instructions are available at the IRS gov web site choose within Forms and Publications
However, what you call a gift and what the IRS defines as one may be different.
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What is the gift tax return?
IRS Form 709.
i need a irsform1040a ?
i need a irs 1040a tax form
If you are given money from your Mom as a gift is there a form to fill out to avoid paying taxes on it to the Federal government?
Filling out a form will not prevent you from paying taxes. The US has a gift tax that is paid by the giver. However, there is also a gift tax annual exclusion and a gift tax lifetime exemption. In 2009, the gift annual tax exclusion is $13,000. If the total gift for 2008 exceeds that amount, your mom will need to file IRS form 709 to report the gift. Even if the gift was over $13,000, this does not mean that she will have to pay a tax. Everyone has a $1 million lifetime gift tax exemption. So once the $13,000 exclusion is exceeded, the giver starts eating into the million dollar exemption, which also reduces the amount that can be passes estate tax free at death. No gift tax is paid until the million dollar lifetime exclusion is used up. If the gift is something other then cash, but you estimate that you that the value was less then $13,000, you may still want to file form 709 because filing the form starts a statute of limitations for which the IRS can contest the value of the gift. For example, if your mom gives you a gift you reasonable believe is a piece of art worth $10,000 (and may have appraisal done) but it turns out the value is $100,000 at the time of the gift, unless you filed form 709, the IRS can at any time attack the value of the gift. If form 709 is filed, the IRS may only attach the value until the statute of limitations expires. Of course, talk to your tax advisor regarding your personal circumstances.
How can I get the tax return form 1040?
If you need the IRS form 1040 then you should either call the IRS or visit your local tax offices and see if they can possibly provide you with a form.
What is the max gift allowed by the IRS?
$15,000
What is the gift tax return?
IRS Form 709.
I need IRS tax form8283?
I need IRS Tax Form 8283 ?
I was given a car is there a gift tax in Ohio?
There is a federal gift tax if someone gives you more than the $15,000 annual gift tax exemption, and they would need to file an IRS Form 709 and pay the tax.
i need a irsform1040a ?
i need a irs 1040a tax form
Where can I download a free, printable, IRS form 5695?
If you need to find a specific IRS form to print, go to irs-forms.us/. This website offers many different IRS forms that can be easliy downloaded and printed at no charge.
If you are given money from your Mom as a gift is there a form to fill out to avoid paying taxes on it to the Federal government?
Filling out a form will not prevent you from paying taxes. The US has a gift tax that is paid by the giver. However, there is also a gift tax annual exclusion and a gift tax lifetime exemption. In 2009, the gift annual tax exclusion is $13,000. If the total gift for 2008 exceeds that amount, your mom will need to file IRS form 709 to report the gift. Even if the gift was over $13,000, this does not mean that she will have to pay a tax. Everyone has a $1 million lifetime gift tax exemption. So once the $13,000 exclusion is exceeded, the giver starts eating into the million dollar exemption, which also reduces the amount that can be passes estate tax free at death. No gift tax is paid until the million dollar lifetime exclusion is used up. If the gift is something other then cash, but you estimate that you that the value was less then $13,000, you may still want to file form 709 because filing the form starts a statute of limitations for which the IRS can contest the value of the gift. For example, if your mom gives you a gift you reasonable believe is a piece of art worth $10,000 (and may have appraisal done) but it turns out the value is $100,000 at the time of the gift, unless you filed form 709, the IRS can at any time attack the value of the gift. If form 709 is filed, the IRS may only attach the value until the statute of limitations expires. Of course, talk to your tax advisor regarding your personal circumstances.
How can I get the tax return form 1040?
If you need the IRS form 1040 then you should either call the IRS or visit your local tax offices and see if they can possibly provide you with a form.
How to claim money as a gift?
Large gifts from a source outside of the United States need to be reported on Form 3520. http://www.irs.gov/pub/irs-pdf/i3520.pdf Other gifts you received, if they really were gifts, do not need to be reported. Remember, if you do something in return for a "gift" it is not really a gift. For example, if you babysit your neighbor's kid and the neighbor gives you $100, that is not a gift. A gift has to come with no strings attached and no obligation to do anything with the gift. If you are looking for a way to disguise a payment to turn it into a "gift," there is no way you can "claim" anything that will magically change the payment into a gift. If you are the one contemplating giving the gift, if you give more than $13,000 to any one individual in 2009, you must file Form 709. http://www.irs.gov/pub/irs-pdf/i709.pdf
What type of program do you need to produce an IRS 1040?
You can go to the IRS site for a form, get one at the post office, or call them.
What is the max gift allowed by the IRS?
$15,000
Can the person giving the gift take if off of their taxes?
An individual taxpayer giving a qualified gift to another qualified individual taxpayer does Not get any deduction on the individual taxpayers 1040 income tax return. For more information about gifts and the gift tax by the giver of the gifts go to the IRS gov web site and use the search box for publication 950, Introduction to Estate and Gift Taxes, IRS Form 709 United States Gift Tax Return, and Instruction for Form 709.
When does the IRS form 4506 T need to be filled in?
The IRS form 4506-T is a Request for Transcript of Tax Return form. This would only have to be filled out if one is requiring a transcript of ones Tax Return.
