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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16576
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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What is a gift tax return?

Customer Question

What is a gift tax return?
Submitted: 3 years ago.
Category: Tax
Expert:  Megan C replied 3 years ago.

MyVirtualCPA :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

MyVirtualCPA :

How are you today?

MyVirtualCPA :

A gift tax return is a form that you file when you give more than $14,000 in a year to any one person

MyVirtualCPA :

Form 709

MyVirtualCPA :

You can click the link for the form

MyVirtualCPA :

The person giving the gift files the return. If they have given away less than $5.2 million during their lifetime, there is no gift tax due

MyVirtualCPA :

Is there anything else that I can assist you with today?

Expert:  Megan C replied 3 years ago.
Thanks, Rudy for the opportunity to assist - and for the direct request. I see we were having questions with live chat. If you would, please review my response. If satisifed, rate my response as "excellent" so that I may receive credit for assisting you today. If you have further questions, please reply below.
Expert:  Megan C replied 3 years ago.
Thanks for allowing me the opportunity to help you. Please let me know if I can be of any further assistance to you in this matter. I really enjoyed working with you – please feel free to request me again when you come back to ask another question. Simply enter "MyVirtualCPA" in the subject of your question Thanks again for being a JustAnswer customer