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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 today. We're going to be talking about the gift tax return form 709 and if you're required to file this return. So let's go through the video slides here and explain it to you guys in a way that makes sense. If you qualify for the exclusion, the annual gift tax exclusion allows you to give money to people without having to pay tax on that gift. You can give up to $13,000 to a person and not have to pay tax. However, if you give a gift more than $13,000 to someone, you must file Form 709. As I go through this video, I want to let you guys know that our website, Harbor Financial Online, allows you to prepare your taxes online and we provide a bunch of information on that site for free. You can go through all the different credits, deductions, and every area of tax to save some money. Now, a husband and wife cannot file a joint gift tax return together. Each one of you has to fill out Form 709 separately. You can't just have one form with both of your names. You must file a different tax return to split gifts with your spouse. If the money is coming from both of you, it's better to have the money come from one person and file a 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. If a donor dies before filing a tax return, the donor's executor must file the tax return. So if an individual dies, the executor of...