HI… I'M TERRY… AND I WORK FOR THE INTERNAL REVENUE SERVICE. IF YOU GAVE MONEY OR PROPERTY TO SOMEONE AS A GIFT... YOU…THE GIVER…MAY NEED TO FILE A FEDERAL GIFT TAX RETURN. BUT THAT'S ONLY IF YOUR GIFT WAS MORE THAN A CERTAIN DOLLAR LIMIT CALLED THE ANNUAL EXCLUSION AMOUNT. THE I-R-S FORM 709 INSTRUCTIONS LIST THE ANNUAL EXCLUSION AMOUNT FOR ANY GIVEN TAX YEAR. IF YOUR GIFT WAS MORE THAN THE ANNUAL EXCLUSION AMOUNT…. YOU WILL PROBABLY NEED TO FILE A GIFT TAX RETURN… BUT YOU STILL MIGHT NOT OWE ANY GIFT TAX. AND THERE ARE SOME GIFTS THAT YOU DON'T HAVE TO REPORT AT ALL. YOU MAY NOT NEED TO FILE A GIFT TAX RETURN IF… THE GIFT WAS GIVEN TO YOUR SPOUSE OR A CHARITY… OR IF YOU PAID SOMEONE'S MEDICAL EXPENSES OR TUITION DIRECTLY TO THE FACILITY OR THE SCHOOL. YOU CAN LEARN MORE ABOUT THIS AND OTHER DETAILS BY READING PUBLICATION 559… SURVIVORS… EXECUTORS… AND ADMINISTRATORS. IT HAS A SECTION ON GIFT TAXES. TO FIND IT… GO TO I-R-S-DOT-GOV AND SEARCH PUBLICATION 559.
