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United States of America Laws
I _____________________________________________________ THE SEED GIFTER ON THIS DATE: / / HAVE SENT A GIFT IN
THE AMOUNT OF $_______________ TO THE PERSON THAT IS PRINTED TO THE RIGHT OF THE "BLESSED ONE" BELOW .
I AM NOT BUYING OR SELLING ANYTHING NOR AM I EXPECTING ANYTHING FROM THIS PERSON THAT I AM SENDING THIS GIFT TO. I AM SOULLY GIVING THIS GIFT TO BLESS THIS PERSON, TO HELP IN FULFILLING THERE HOPES AND DREAMS.SEED
GIFTER (SENDER)
_______________________________________________
BLESSED ONE (RECEIVER)
____________________________________________
DATE MONEY SENT AND RECEIVER TOOK POSSESSION OF THIS GIFT
__________/_________/__________
RECEIVER IS NOW THE HAPPY OWNER OF THIS GIFT OF
$______________________!
UNITED STATES of AMERICA GIFTING TAX LAWS
Note: From 1/1/06 through 12/31/08, the annual tax free allowance for gift taxes had been $12,000 As of 1/1/09, this increased to $13,000 This is still the limit for 2013 gifts.
Note: From 1/1/06 through 12/31/08, the annual tax free allowance for gift taxes had been $12,000 As of 1/1/09, this increased to $13,000 This is still the limit for 2013 gifts.
Gift tax is part of the estate tax system and not part of the income tax system. It levies the same tax on transfers that would be assessed after the donor dies and is intended to prevent people from giving everything away while alive and avoiding the estate (aka inheritance and death) tax.
People are allowed to gift up to a certain dollar value per calendar year to any single person without any requirement to file a gift tax return (709). This annual limit is currently $13,000 and is increased based on inflation, in $1,000 increments. It is per donor (giver) per donee (recipient). Gift splitting between spouses is a way to multiply that annual exclusion. For example, a married couple can each gift $13,000 to their daughter and her husband each year, for a total of $52,000 of tax free and non-reportable gifts. If they have grandkids, they can also be given up to $13,000 per year from each grandparent.
A big misconception people have is that gifts will reduce their taxable income. Not true. Gifts are not deductible on the donor's 1040. The trade-off is that gifts are not considered to be taxable income to the recipients.
For the recipient of non-cash gifts, their cost basis for computing future gain or loss is the lesser of the item's original cost basis or its fair market value at the time of the gift. For highly appreciated items, the applicability of the gift tax is based on the current fair market value. However, when the recipient sells the asset, s/he must use the donor's basis when computing the taxable gain. The gain will be subject to the special long term capital gains tax rates regardless of how long after the gift it is sold.
If your annual gifts don't exceed the annual limit (currently $13,000 per donee per donor), you are not required to file a gift tax return (709) or use up any of your lifetime exclusion ($5,120,000 for 2013). If you do give any one person more than the $13,000 during a single calendar year, you must file a 709 and either pay gift tax or use part of your lifetime exclusion. When you pass away, the amount of exclusion that will be available on your estate tax return (706) will be whatever the exclusion is at that time reduced by the gifts you reported on 709s during your lifetime, where you opted to offset them with part of your lifetime exclusion. If you never used any of the credit by keeping your gifts below the annual limits, the full amount of the credit will be available to your estate.
Taxable gifts are reported to IRS on Form 709, which is due April 15 following the year of the gift. If more time is needed, a six month extension (until October 15) is allowed by filing Form 4868 (same as for the 1040 extension) and submitting any expected tax. For more info, you can check out IRS's instructions for Form 709
All member are responsable for paying there own taxes if and when the time comes. Holy Deliverance does not keep records of your financial blessings.
You must read the Q&A (Questions & Answers) before you start so that you'll not have any problems while getting started to become a new member.
May God continue blessing you
HDPGF
