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Smith, Sullivan and Brown, P.C. September 2015
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Do I Need to File a Gift Tax Return?
You may owe Federal gift taxes if you have given money or property to someone. Many times gifts are not subject to the gift tax.
The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule.
The following gifts are not taxable gifts:
- Gifts that do not exceed the annual exclusion for the calendar year ($14,000 in 2015)
- Tuition or medical expenses you pay directly to a medical or educational institution for someone
- Gifts to your spouse
- Gifts to a political organization for its use
- Gifts to charities
Additional helpful tips regarding gifts:
- Gift tax returns do not need to be filed unless you give someone, other than your spouse, money or property worth more than the annual exclusion for that year.
- Generally, the individual who receives your gift does not have to pay any federal gift tax or income tax on the value of the gift received.
- Making a gift does not affect your federal income tax.
- You cannot deduct the value of gifts you make (other than deductible charitable contributions).
- You and your spouse can make a gift up to $28,000 to a third party without making a taxable gift. The gift can be considered as made one-half by you and one-half by your spouse.
If any of the following apply a gift tax return, Form 709, will need to be filed:
- You gave gifts to at least one person (other than your spouse) that are more than the annual exclusion for the year ($14,000 in 2015).
- You and your spouse are splitting a gift.
- You gave someone (other than your spouse) a gift of a future interest that he or she cannot actually possess, enjoy, or receive income from until some time in the future.
- You gave your spouse an interest in property that will terminate due to a future event.
Please contact our office if you have a question regarding gifts and gift taxes.
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Welcome Leocadia and Debbie!
We are pleased to announce that Leocadia Z. Archambault and Debra Coppo have joined the Smith, Sullivan & Brown P.C. team.
Leocadia Z. Archambault, MBA, Audit Senior, joined our Firm in June as part of our nonprofit accounting and auditing team
In June, we also welcomed Debra Coppo, Office Administrator, as part of our administrative team.
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Partners Smith, Sullivan and Brown
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Questions?
Call us at 508.871.7178
At Smith, Sullivan & Brown, PC, our dedicated professionals listen to your auditing and accounting, tax preparation, and small business questions. We provide personalized solutions to you, your family, business or nonprofit, all at a reasonable price.
Our accounting team has extensive experience. We understand your frustration when you tell us that you've paid top dollar for accounting services-only to learn that there's a junior-level person working on your engagement. Or, that it's mid-March and your accountant isn't returning emails or phone calls because your files have been put on the back burner so that they can focus on the tax return crunch. At Smith, Sullivan & Brown, PC we only send senior-level accountants into the field and they remain accessible to you throughout the year. A dedicated team is assigned year-round specifically to our nonprofit clients, so that deadlines are met on time and your questions are never ignored.
Established in 1993, Smith, Sullivan & Brown, PC is for you if you value communication, one-on-one attention, and "hands-on" expertise from experienced senior-level accountants. Whether you have a project to bid on now, or in the near future, contact us to schedule an introductory meeting, we'd love to meet you!
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