Discussion:Does a form have to filed
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Budrok@Aol.com (talk|edits) said: | 24 December 2006 |
| Client gives serveral people $12,000.00 during the year, is there a form that has
to be filed with the IRS? Thank You | |
| 24 December 2006 | |
| Form 709 is required if gifts of more than $12,000 per person per calendar year are given. There are a few exceptions...see instructions to Form 709. | |
| 24 December 2006 | |
| I have been doing taxes for over 30 years and I have a question, it may seem dumb, but if you give someone, say such as my son over the $12,000 limit who is to know how much you gave him? | |
| 24 December 2006 | |
| Gifts are a real sensitive subject to be discussed around Chritmas, but the truth needs to be told. You'll find that when dealing with the IRS, there is a form for everything. There is even a form for telling them that you are not required to file a form. That is Form 0, it's on the website as a PDF file, it's 6 pages long; with 37 pages of instructions! Nevertheless Budrok, go with Scot1 on it.
But, I'll tell you this, it's many a time in my office around Christmas when a right merry old gentlemen has come in dressed in red. And he commences to tell me about all the gifts he's a given to all the children in the world, and we are all children to someone!!! And by the time I get through explaining to the old gentleman about the gift tax, and the 709, and how it relates to the 706, and how to pay mind to the unified credit, and the vexations that presents to the average mind, why, by this time, this merry gentlemans eyes glaze over, the twinkle loses a lumen or two, a tear can often be seen. And he remarks, AHHH the hey wit it, there's gonna be Christmas ANYWAY. And off he shoots outta my office, and darn, darn If i don't think I hear... why the tinkle of a sleigh, the bleeting of the reindeer. You know, I think I'll cliam a copyright on that one. | |
| 26 December 2006 | |
| The IRS has beaten into the public that they are trying to save on paper and no longer want forms that do not require filing. Are you kidding? No filing required for any and all gifts under 12001. You don't even have to file sale of residence if it doesn't include an actual capital gain issue. Aren't well all confused enough already...do we have to complicate simple issues????
Bah Humbug...anyhow....taxea Simple question, simple answer: no | |
Death&Taxes (talk|edits) said: | 26 December 2006 |
| Let me add something from the -nontax standpoint. Sometimes siblings do not like each other, and sometimes the giver passes on and First sibling finds a check to Second sibling and says 'this must be a loan' and wants the money back in the estate. While Dad may have sent a letter with the check which the recipient saved, or wrote "gift" in the memo section, somestimes he simply handed over the check, and then fights can follow. I am not advocating filing returns for every gift, but sometimes the easy answer is not best. | |
