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.
For assistance with this or other tax or accounting matters please contact us at 201-947-8081 or 646-688-2807, or email us at firstname.lastname@example.org.
On 04/02/2014 / Tax Tips / Comments Off on Gifts May Require a Tax Filing
Welcome to Lefstein-Suchoff CPA & Associates, LLC where for over fifteen years, we have been providing our clients with valuable professional advice, along with personalized and responsive service. We offer ...