Gift Tax - YouTube video text script
HERE’S A TIP FROM THE I-R-S.
HI… I’M JULIANNE… AND I WORK FOR THE INTERNAL REVENUE SERVICE.
IF YOU GAVE MONEY OR PROPERTY TO SOMEONE AS A GIFT...YOU…THE GIVER…MAY NEED TO FILE A FEDERAL GIFT TAX RETURN.
BUT THAT’S ONLY IF YOUR GIFT WAS MORE THAN 13-THOUSAND DOLLARS IN 2011 OR 2012.
IF IT WAS…THEN YOU’LL PROBABLY NEED TO FILE A GIFT TAX RETURN…EVEN THOUGH YOU MIGHT NOT OWE ANY GIFT TAX .
THERE ARE SOME EXCEPTIONS THOUGH.
FOR EXAMPLE, IF THE GIFT WAS GIVEN TO YOUR SPOUSE… OR A CHARITY…THEN YOU MAY NOT NEED TO FILE A GIFT TAX RETURN.
YOU ALSO MAY NOT NEED TO FILE A GIFT TAX RETURN IF YOU PAID SOMEONE'S MEDICAL EXPENSES OR TUITION DIRECTLY TO THE FACILITY.
YOU CAN LEARN MORE ABOUT THIS AND OTHER DETAILS BY READING PUBLICATION 950… INTRODUCTION TO ESTATE AND GIFT TAXES.
YOU CAN FIND IT AT I-R-S-DOT-GOV.
