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is a pro bono preparation of an individuals tax returns a…

Customer Question
is a pro bono preparation...
is a pro bono preparation of an individual's tax returns a gift to the recepient? Who has to pay taxes on such action?
Submitted: 6 years ago.Category: Legal
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Answered in 8 minutes by:
1/12/2012
Lawyer: Lady Themis, Lawyer replied 6 years ago
Lady Themis
Lady Themis, Lawyer
Category: Legal
Satisfied Customers: 7,751
Experience: General practice experience in many areas of law
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Thank you for your question.

 

The gift tax applies to transfers by gift of property, including money. It does not apply to pro-bono services. Normally, the donor of the gift would have to pay the gift tax. However, there are annual exclusions in which any property received up to a certain amount is not taxable. For 2011 and 2012, the annual exclusion is $13,000.



I hope this answers your question. Please let me know if you have any follow-up questions.

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