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Who has to file a gift tax return?

Updated: 9/19/2023
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11y ago

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A person making a gift that is more than their annual exclusion must file the Form 709 and pay the necessary taxes on the non-exempt gift.

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Do you have to file a tax return if you made 7000 dollars?

If you are being claimed as a dependent on your parents or anyone else's return then you will have to file a tax return. If not then no you don't have to file a return.


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How do you Paper File your PA State Tax Return?

There is a form that you are required to file when you paper file your PA state tax return.


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eveyone who earns income above a certain level has to file a tax return


File free OK state income tax return?

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What is a gift tax return?

It is Form 709 -- "United States Gift (and Generation-Skipping Transfer) Tax Return" Form: http://www.irs.gov/pub/irs-pdf/f709.pdf Instructions: http://www.irs.gov/pub/irs-pdf/i709.pdf When you give someone a tax, the person giving the gift owes tax on the gift. There are certain exceptions: You may give any one person $13,000 (as of 2009) in gifts per year. Once you have given someone more than that, you have to file a gift tax return to determine if you owe any tax on the gift. If you have given less than $1 million in gifts over the annual allowance in your lifetime, you probably don't owe any tax, but you must fill out the form and file it anyway.


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Should I file my income tax with a computer program or a firm?

You should file your income tax return with a computer program or online if you have a simple tax return. If you have a difficult and complex tax return, it is best to use a tax professional.


Do you always have to file a consolidated tax return if you file one this year?

If companies file a consolidated tax return do they become liable for each other's liabilities