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Tax Tip! TaxBreak 2008 from wchstv.com
Smart Ideas To Save You Time and Money on your Taxes

Gift taxes

Taxing gifts is one area that turns the traditional method of tax liability on its head.

If you gave any person gifts in 2007 that are valued at more than $12,000, you must report the gifts to the IRS, and it is possible that you could be liable for a tax on the gift. Unlike salary, for example, here the recipient does not have to report the gift and isn't responsible for payment of income taxes on the gift.

Things that qualify as gifts include property and money. Even the sale of something at a discount or an interest-free or reduced-interest loan could be viewed as a gift for tax purposes.

There are some areas that are excluded from the definition of gifts, such as tuition or medical expenses, and gifts to a spouse, as well as those given to charity or a political organization.

For those who are married, both spouses can give up to the individual limit of $12,000 without bringing taxes into play.


More TaxBreak 2008
Get More Tax Tips You Can Use!


Common Tax Forms you can download as Adobe Acrobat (PDF) forms. The complete list of tax forms is available at www.irs.gov You can download a free Adobe Acrobat reader from Adobe

Form W-4 Employee's Withholding
Form 1040EZ Income Tax Return for Single and Joint Filers With No Dependents
Instructions for 1040EZ Instructions
Form 1040 U.S. Individual Income Tax Return
Instructions for 1040 (Tax Tables) Tax Table and Tax Rate Schedules
Instructions for 1040 (General Inst.) Instructions for Form 1040
Form 1040 (Schedule A&B) Itemized Deductions and Interest & Dividend Income
Instructions for 1040 (Schedule A&B) Instructions
Form 1040 (Schedule C) Profit or Loss from Business (Sole Proprietorship)
Instructions for 1040 (Schedule C) Instructions
Form 1040 (Schedule C-EZ) Net Profit from Business (Sole Proprietorship)
Form 1040 (Schedule D) Capital Gains and Losses
Instructions for 1040 (Schedule D) Instructions
Form 1040 (Schedule D-1) Continuation Sheet for Schedule D (Form 1040)
Form 1040 (Schedule E) Supplemental Income and Loss
Instructions for 1040 (Schedule E) Instructions
Form 1040 (Schedule EIC) Earned Income Credit
Form 1040 (Schedule F) Profit or Loss From Farming
Instructions for 1040 (Schedule F) Instructions
Form 1040 (Schedule H) Household Employment Taxes
Instructions for 1040 (Schedule H) Instructions
Form 1040 (Schedule J) Farm Income Averaging
Instructions for 1040 (Schedule J) Instructions
Form 1040 (Schedule R) Credit for the Elderly or the Disabled
Instructions for 1040 (Schedule R) Instructions
Form 1040 (Schedule SE) Self-Employment Tax
Instructions for 1040 (schedule SE) Instructions
Form 1040A U.S. Individual Income Tax Return
Instructions for 1040A Instructions
Form 1040A (Schedule 1) Interest and Ordinary Dividends for Form 1040A Filers
Form 1040A (Schedule 2) Child and Dependent Care Expenses for Form 1040A Filers
Form 1040A (Schedule 3) Credit for the Elderly or the Disabled for Form 1040A Filers
Instructions for 1040A (Schedule 3) Instructions
0696 Form 8332 Release of Claim to Exemption for Child of Divorced or Separated Parents


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