• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

IRS pursues gift tax cheats

by on
in Small Business Tax,Small Business Tax Deduction Strategies

A new district court case could lead to more IRS snooping into gift taxes. The court ordered the state of California to disclose to the IRS the names of individuals who have transferred real estate for little or no money to family members.

The IRS intends to use the info to check whether Form 709, U.S. Gift (and Generation-Skipping Transfer) Tax Return, was properly filed. It estimates that more than half of these gifts go unreported. (In the Matter of the Tax Liabilities of John Does, DC-Calif., No. 2:10-mc-00130-MCE-EFB, 12/15/11)

Note: If the value of a gift exceeds $13,000, it should be reported on Form 709, even if there’s no gift tax liability.

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/29817/irs-pursues-gift-tax-cheats "

Leave a Comment