User Panel
User Panel
User Panel
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Posted: 3/6/2015 3:42:19 PM EDT
[#1]
Nothing needs to be done by you or your dad.
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Posted: 3/6/2015 8:28:07 PM EDT
[#2]
Quoted:
Say I was given $13,000 in 2014, am I required to file a Form 709? And say my dad gave me the money, is there anything he needs to do on his end as far as far as filing taxes? I am under the impression that as long as the gift is under $14,000 then no Form 709 paperwork is required on either end. Is this correct? Any help on the matter would be greatly appreciated. Gift tax is a tax on the giver, not the receiver of a gift. You don't ever pay tax on a gift that you receive, regardless of the amount. |
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Posted: 3/7/2015 1:24:46 AM EDT
[#3]
Geez. The giver should file a return any time they give a gift of that size. Or at least my professor, the guy that runs the graduate tax program where I earned my degree, said so. Is the return required? Not necessarily, but it would be prudent. |
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Posted: 3/7/2015 9:04:58 PM EDT
[#4]
Quote HistoryQuoted:
Geez. The giver should file a return any time they give a gift of that size. Or at least my professor, the guy that runs the graduate tax program where I earned my degree, said so. Is the return required? Not necessarily, but it would be prudent. It's under the annual exclusion amount. What possible reason could there be to file a return? |
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Posted: 3/9/2015 12:11:12 PM EDT
[#5]
Thanks for the info guys.
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Posted: 3/9/2015 12:20:19 PM EDT
[#6]
NVM
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Posted: 3/22/2015 3:25:29 AM EDT
[#7]
Quote HistoryQuoted:
It's under the annual exclusion amount. What possible reason could there be to file a return? Because your tax guy needs to make a payment on his boat. That's why. 
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