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.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
Tax return (United States) — Tax returns in the United States are reports filed with the Internal Revenue Service (IRS) or with the state or local tax collection agency (California Franchise Tax Board, for example) containing information used to calculate income tax or other … Wikipedia
Gift tax in the United States — A gift tax is a tax imposed on the gratuitous transfer of ownership of property.The tax is generally imposed on the donor (the giver) rather than on the recipient. A transfer is completely gratuitous where the donor receives nothing of value in… … Wikipedia
tax return — A written statement of one s income for the taxable year, accepted by the taxing authority as verified under oath, showing income from all sources, such as dividends, interest, rents, earnings, etc. and the amount of income taxable as calculated … Ballentine's law dictionary
Individual Tax Return — The type of tax return filed by an individual. Both single and married taxpayers, with and without dependents, file this type of return. Individual filers always file their returns on a version of Form 1040. Every individual filer who earns a… … Investment dictionary
unified estate and gift tax — See: estate tax, gift tax Category: Wills, Trusts & Estates → Estate Tax Nolo’s Plain English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009 … Law dictionary
Gift — Property, money or assets that one person transfers to another while receiving nothing or less than fair market value in return. Under certain circumstances, the IRS collects a tax on gifts. Transfers of money or property that are given freely or … Investment dictionary
Gift Aid — is a scheme to enable tax effective giving by individuals to charities in the United Kingdom. The Gift Aid scheme was originally introduced in Finance Act 1990 for donation from 1 October 1990, but was originally limited to cash gifts of £600 or… … Wikipedia
Tax avoidance and tax evasion — Tax avoidance is the legal utilization of the tax regime to one s own advantage, in order to reduce the amount of tax that is payable by means that are within the law. By contrast tax evasion is the general term for efforts to not pay taxes by… … Wikipedia
Tax compliance solutions — Tax compliance solution is a generic term used to describe the available softwares to perform tax compliance for income tax, corporate tax, VAT, service tax, customs, sales tax, use tax, etc. The solution automatically calculates your complete… … Wikipedia
Tax protester statutory arguments — Part of the Taxation in the United States series Tax protest in the United States … Wikipedia