Video instructions and help with filling out and completing Fill 1041 Schedule Instructions

Instructions and Help about Fill 1041 Schedule Instructions

Come back to another video for harbor financial online.com today we're going to be talking about the gift tax return form 7:09 and if you're required to file this return so let's go through the video slides here I'm and explain it to you guys in a way that makes sense and see if you have to file this form the annual gift tax exclusion allows you to give money to people without having to pay tax on that gift if you qualify for the exclusion you can give up to $13,000 to a person and not have to pay tax that you must file form 7:09 if you give a gift more than 13-thousand to someone now as I go through this video I want to see here our website harbor financial online.com allows you to prepare your taxes online and we provide a bunch of information on that site for free that you can go through all the different credits deductions every area of tax it's going to allow you to save some money now a husband and wife cannot file a joint gift tax return together what I mean by this is each one of you have to fill out this form seven zero and nine you can't just have one form with both of your names I allow like a lot of the other tax forms get attached to your tax return you must file different tax return to split gifts with your spouse what I mean by this if you guys if you're married and you're splitting a gift you're putting in money he's putting in money you're splitting that gift you still each have to file the gift tax return if the money is coming from both of you so it's better to have the money come from one person in that I guess joint return the donor is responsible for paying the tax if the donor doesn't pay the tax the person receiving the gift has to pay the tax so make sure if you're the donor giving this money out you pay the tax because you're going to stick that person that got the gifts from you with the tax and that's something you probably don't want to happen or you didn't plan on happening it's kind of a you know a bad thing to do in my eyes I think if a donor dies before filing a tax return the donors executor must file the tax return so if an individual dies you're going to have an executor of that estate that person will be required to file the tax return for the gift or otherwise like I said just a minute ago the person that got the gift that's going to have to pay the tax so just figure out which way the best the best way is going to be you don't have to file a gift tax return if you didn't give more than 13-thousand to any donate what I mean by this is the 13,000 s for each individual you get a gift too so you could have 10 people that you gave a gift of 12,000 to each of them and you don't have to file 7:09 in the form the 13,000 is per person so just remember that I'm going to show you guys form of 7:09 real quick so I'm going to take you to the form this is form 7:09 this gets attached to your normal tax return say your 1040 this is going to be part of the return again this is why I recommend doing your tax return online because it's going to ask you the questions and it'll make the decision if you have to file the gift tax return and this is it so trying to fill out this form by yourself and determining if you have to fill it out can kind of be a tricky tricky thing to do so that's why we always recommend electronic tax filing so you can see the form here it's pretty lengthy there's quite a bit of computation to go into that credit into that I mean not the credit but the amount of tax you're going to have to pay so I'll show you the four pages to the form 7:09 okay now I want to take you guys really quick to harbor financial I'm calm this is our website at this website we offer free information on tax it's an informational website and you can use these links to go through and do a quick online estimate of your taxes or prepare your return online on the left here you can see we have multiple articles on tax on different credits deductions all the different areas that are going to help you save money and file your tax returns to the right way now I appreciate you watching the video we have well over 100 videos at YouTube I recommend you check those out if you're trying to find more credits more deductions out there I cover all those areas and through that website if there's a specific video topic area you would like me to cover shoot us an email we'll put something together for you guys so we appreciate you watching the video and we'll see you soon thanks