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I had a joint account with my partner.( we were unmarried couple

according to California Law, we...
I had a joint account with my partner.( we were unmarried couple according to California Law, we had only Islamic marriage certificate). We filed our tax separately.I know federal gift tax allows individuals to exclude the first $13,000 of total personal gifts from taxation.

We separated after She took $56000 from the joint account. I contributed half of it . Is this considered as tax gift for me end of the year?
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Answered in 1 minute by:
7/13/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,593
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

You can gift up to $14,000 in 2013

MyVirtualCPA :

anything above that, you need to fill out a gift tax return

MyVirtualCPA :

However, so long as you have not given away more than 5.2 million during your lifetime, there is no actual gift tax that would be due

Customer:

thanks for your answer does my ex partner needs to file too? what is the tax rate is going to be for me?

MyVirtualCPA :

She will not file a gift tax return, you will - but you will not owe any tax. It's just informational

Customer:

Ok thanks

MyVirtualCPA :

You're welcome

MyVirtualCPA :

If satisified with your response, please rate as "excellent" so that I may receive credit for assisting you today

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,593
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Megan C
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