Here’s another filing deadline that might apply to you: April 15 is the due date for filing 2013 gift tax returns. If you made gifts last year in excess of the $14,000 annual limit to any one individual, you may need to report the transaction to the IRS. If you and your spouse agree to “gift-splitting,” you could give up to $28,000 to any one individual with no gift tax liability. However, gift-splitting requires that each of you file a gift tax return.
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On 04/02/2014 / Tax Tips / Comments Off on Gifts May Require a Tax Filing
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