Making gifts may require a tax filing

Posted on Aug 5, 2014

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.

Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in the McLean and Tysons Corner, VA. Gilliland & Associates specializes known for our superior knowledge and aggressive interpretation and application of tax laws, we help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+ <https://plus.google.com/108764776146415485651/posts> , LinkedIn <http://www.linkedin.com/in/gillilandcpa> , Facebook <https://www.facebook.com/gillilandcpa> , and Twitter <https://twitter.com/dnggcpa>

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