Donors must pay a gift tax on transfers of money or property for which they do not receive full compensation, reports the Internal Revenue Service. A number of types of gifts qualify as exceptions to the tax. Donors must report taxable gifts in their federal tax returns and include appraisals and ot
The role of the Internal Revenue Service is to collect taxes and enforce the Internal Revenue Code. The IRS is a branch of the U.S. Department of the Treasury, and it collected more than $2.5 trillion in tax revenue during the fiscal year 2012. The IRS processed more than 237 million tax returns in
The IRS requires that individuals providing others with gifts pay a tax, unless special arrangements are made so that the receiver bears financial responsibility for the remittance, according to the Internal Revenue Service. Exceptions exist where an individual provides a gift that does not exceed t
The general IRS phone number to call for individual taxpayers is 1-800-829-1040. People who need general tax assistance for a business should call 1-800-829-4933. The IRS has several other contact numbers for individuals or businesses needing special assistance.
The rules for deducting medical and dental expenses are covered in the Internal Revenue Service’s Topic 502 that is available online via the IRS website or in print by request. Only taxpayers that itemize deductions on Form 1040 Schedule A may be able to deduct these expenses.
As of 2015, the limit on tax-free transfer amounts during life or at death, also known as the basic exclusion, is $5.43 million per person, according to Forbes. The annual exclusion is $14,000, meaning individuals can give a yearly maximum of $14,000 in assets tax-free without using their basic excl
Taxpayers can contact the U.S. Internal Revenue Service by telephone at 800-829-1040 with general tax-related questions. They may also contact the IRS by email or visit a local IRS office, explains IRS.gov.
Though the rules governing this area of tax law are subject to change, as of 2014, cash gifts of up to $14,000 are not subject to federal taxes, as reported by Turbo Tax. The $14,000 figure is known as the annual exclusion limit, which is the amount up to which gifts are not taxable. There are some
The IRS allows taxpayers to deduct mileage from their income taxes if they use their cars for business. If people use current standard mileage rates for deductions, they may also include parking fees and tolls incurred for business purposes, explains the IRS.
One of the primary rules about individual retirement account or IRA distribution is that early distribution for educational expenses are exempt from the additional 10 percent tax. The Internal Revenue Service (IRS) considers IRA distributions (or withdrawals) by the account holder before the age of