Printable Form 709 Visalia California 2024-2025

Printable Form 709 Visalia California: What You Should Know

What the Gift Tax Exemptions Mean It used to be that all U.S. citizens, residents, and nonresident aliens were subject to the gift tax. However, a U.S. court decision in 2014, “Empirical Proof of Exemption From Gift Tax by Citizens of the United States,” stated that the gift tax-exempt status of certain foreign individuals does not apply to the personal services or investment income earned by such individuals. It did not address income tax, estate tax, or other special tax treatment of foreign individuals who are not subject to gift tax. The new ruling means that only U.S. citizens, U.S. residents, and nonresident aliens are exempt from gift tax. The exemption means you do not owe gift tax on certain gifts you make, like the following: A gift to your child.  A gift to a student at your son's college graduation.  A gift to your niece. A gift of a house to your sister-in-law. The federal tax exemption does not make these gifts free. You still owe the gift tax on any non-exempt gifts you make, like: A gift to your daughter-in-law.  A gift to your niece. In a few cases, you might owe the gift tax on a specific form of gift, called a “genuine article.” However, the actual amount of the gift tax imposed depends on the value of the item, the recipient's relationship to the holder of the item, and the value of the property in the item and in the recipient. For example, if you make a gift that is worth 10,000, but only worth 7,000 to the recipient, the gift tax is 2 percent and not 200 (2 × 10,000) or 2,000. Note that there are exceptions.

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