(ASL) - YouTube video text script - Gift Tax - 2015
Hi, I’m Maria, and I work for the IRS.
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 $14,000, which is the annual exclusion amount.
The exclusion applies to the first $14,000 you give to someone.
But if your gift was more than $14,000, you’ll probably need to file a gift tax return even though you might not owe any gift tax.
There are some exceptions though.
You may not need to file a gift tax return if:
The gift was given to your spouse or a charity, or if you paid someone's medical expenses or tuition directly to the facility or the school.
You can learn more about this and other details by reading Publication 559, survivors, executors, and administrators.
In the Publication, it has a section on gift taxes.
To find it, go to IRS.gov and search for Publication 559.