What is the tax return of the donation tax?

Gift tax return is a document used to calculate the amount of tax that the person owes for the gift to another person. Different countries have different gifted tax rules, so the person should check the tax laws of their country to determine whether it is obliged to file a tax return. In general, this document is presented at the same time as the person provides his annual tax report. For example, in the UK, there is no gift tax, which means that a person can give any amount of money to another person without owing the money to transfer. There are a number of countries that do not have donations such as Canada, but in the receipt of the recipient they collect taxes from the gift. Other countries, such as many European nations and a tax in the United States, a person who gives a gift if the amount of this gift is through a certain annual contribution.

In most countries that have donations tax, the donation tax return is completed by a donor who is responsible for paying taxes and not a person who is given the money or goods. Some countries also exclude to determineTypes of goods or services from your Gift Tax Act. For example, in the United States, it is subject to teaching or medical expenditure, although it may be a gift, it is not subject to donations. Moreover, gifts can be excluded from taxation to certain charities or political organizations.

Most people do not have to file a donation tax return along with their common tax documents. The gift amount must exceed the annual ceiling before the person is subject to donations. If it does not exceed this amount, which differs from year to year and from country to country, it is not necessary to fill in the document. In addition, the donation tax must be reported to each recipient, the net with the total amount of gifted. In the United States, where the gift limit in 2011 is $ 13,000 (USD), a person can give up to $ 13,000 as many people as they want without being taxed.