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IDB TAX FORM 7R Ajbid

IDB TAX FORM 7R Ajbid

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hey there youtube so in this video i wanted to cover how do gift taxes work in the united states there's a lot of misconceptions around gift taxes a lot of people think that the donor is the person that does it maybe the recipient has to worry about it so if you get gifted property from your friend or your aunt or your uncle uh you've got to be responsible for taking the tax out and paying it to the irs a lot of bad advice out there so what i'm going to try to do here is give some simple examples and cover the rules i've got a slide here in front of us and then i've got a form 709 an actual gift tax return another very simple one that we'll go through just to illustrate the main points here so first point to remember is the donor of the gift is the one that's responsible for reporting the gift if applicable and paying any gift taxes okay it's not the recipient so donor is the one that's gifting the property and the

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