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Amend My 2012 Tax Return

Amend my 2012 tax return 16. Amend my 2012 tax return   Rulings Program The IRS has a program for assisting taxpayers who have technical problems with tax laws and regulations. Amend my 2012 tax return The IRS will answer inquiries from individuals and organizations about the tax effect of their acts or transactions. Amend my 2012 tax return The National Office of the IRS issues rulings on those matters. Amend my 2012 tax return A ruling is a written statement to a taxpayer that interprets and applies tax laws to the taxpayer's specific set of facts. Amend my 2012 tax return There are also determination letters issued by IRS directors and information letters issued by IRS directors or the National Office. Amend my 2012 tax return There is a fee for most types of determination letters and rulings. Amend my 2012 tax return For complete information on the rulings program, see the first Internal Revenue Bulletin published each year. Amend my 2012 tax return Prev  Up  Next   Home   More Online Publications
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Frequently Asked Questions on Gift Taxes

Below are some of the more common questions and answers about Gift Tax issues. You may also find additional information in Publication 950 or some of the other forms and publications offered on our Forms Page. Included in this area are the instructions to Forms 706 and 709. Within these instructions, you will find the tax rate schedules to the related returns. If the answers to your questions can not be found in these resources, we strongly recommend visiting with a tax practitioner.


Who pays the gift tax?
The donor is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead. Please visit with your tax professional if you are considering this type of arrangement.

What is considered a gift?
Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return.

What can be excluded from gifts?
The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Generally, the following gifts are not taxable gifts.

  1. Gifts that are not more than the annual exclusion for the calendar year.
  2. Tuition or medical expenses you pay for someone (the educational and medical exclusions).
  3. Gifts to your spouse.
  4. Gifts to a political organization for its use.

In addition to this, gifts to qualifying charities are deductible from the value of the gift(s) made.

May I deduct gifts on my income tax return?
Making a gift or leaving your estate to your heirs does not ordinarily affect your federal income tax. You cannot deduct the value of gifts you make (other than gifts that are deductible charitable contributions). If you are not sure whether the gift tax or the estate tax applies to your situation, refer to Publication 950, Introduction to Estate and Gift Taxes.

How many annual exclusions are available?
The annual exclusion applies to gifts to each donee. In other words, if you give each of your children $11,000 in 2002-2005, $12,000 in 2006-2008, $13,000 in 2009-2012 and $14,000 on or after January 1, 2013, the annual exclusion applies to each gift.

What if my spouse and I want to give away property that we own together?
You are each entitled to the annual exclusion amount on the gift. Together, you can give $22,000 to each donee (2002-2005) or $24,000 (2006-2008), $26,000 (2009-2012) and $28,000 on or after January 1, 2013.

What other information do I need to include with the return?
Refer to Form 709 (PDF), 709 Instructions and Publication 950. Among other items listed:

  1. Copies of appraisals.
  2. Copies of relevant documents regarding the transfer.
  3. Documentation of any unusual items shown on the return (partially-gifted assets, other items relevant to the transfer(s)).

What is "Fair Market Value?"
Fair Market Value is defined as: "The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts. The fair market value of a particular item of property includible in the decedent's gross estate is not to be determined by a forced sale price. Nor is the fair market value of an item of property to be determined by the sale price of the item in a market other than that in which such item is most commonly sold to the public, taking into account the location of the item wherever appropriate." Regulation §20.2031-1.

Who should I hire to represent me and prepare and file the return?
The Internal Revenue Service cannot make recommendations about specific individuals, but there are several factors to consider:

  1. How complex is the transfer?
  2. How large is the transfer?
  3. Do I need an attorney, CPA, Enrolled Agent (EA) or other professional(s)?

For most simple, small transfers (less than the annual exclusion amount) you may not need the services of a professional.

However, if the transfer is large or complicated or both, then these actions should be considered; It is a good idea to discuss the matter with several attorneys and CPAs or EAs. Ask about how much experience they have had and ask for referrals. This process should be similar to locating a good physician. Locate other individuals that have had similar experiences and ask for recommendations. Finally, after the individual(s) are employed and begin to work on transfer matters, make sure the lines of communication remain open so that there are no surprises.

Finally, people who make gifts as a part of their overall estate and financial plan often engage the services of both attorneys and CPAs, EAs and other professionals. The attorney usually handles wills, trusts and transfer documents that are involved and reviews the impact of documents on the gift tax return and overall plan. The CPA or EA often handles the actual return preparation and some representation of the donor in matters with the IRS. However, some attorneys handle all of the work. CPAs or EAs may also handle most of the work, but cannot take care of wills, trusts, deeds and other matters where a law license is required. In addition, other professionals (such as appraisers, surveyors, financial advisors and others) may need to be engaged during this time

Do I have to talk to the IRS during an examination?
You do not have to be present during an examination unless IRS representatives need to ask specific questions. Although you may represent yourself during an examination, most donors prefer that the professional(s) they have employed handle this phase of the examination. You may delegate authority for this by executing Form 2848 "Power of Attorney."

What if I disagree with the examination proposals?
You have many rights and avenues of appeal if you disagree with any proposals made by the IRS.  See Publications 1 and 5 (PDF) for an explanation of these options.

What if I sell property that has been given to me?
The general rule is that your basis in the property is the same as the basis of the donor. For example, if you were given stock that the donor had purchased for $10 per share (and that was his/her basis), and you later sold it for $100 per share, you would pay income tax on a gain of $90 per share. (Note: The rules are different for property acquired from an estate).

Most information for this page came from the Internal Revenue Code: Chapter 12--Gift Tax (generally Internal Revenue Code §2501 and following, related regulations and other sources)

Can a married same sex donor claim the gift tax marital deduction for a transfer to his or her spouse?
For federal tax purposes, the terms “spouse,” “husband,” and “wife” includes individuals of the same sex who were lawfully married under the laws of a state whose laws authorize the marriage of two individuals of the same sex and who remain married.  Also, the Service will recognize a marriage of individuals of the same sex that was validly created under the laws of the state of celebration even if the married couple resides in a state that does not recognize the validity of same-sex marriages.

However, the terms “spouse,” “husband and wife,” “husband,” and “wife” do not include individuals (whether of the opposite sex or the same sex) who have entered into a registered domestic partnership, civil union, or other similar formal relationship recognized under state law that is not denominated as a marriage under the laws of that state, and the term “marriage” does not include such formal relationships.

Gifts to your spouse are eligible for the marital deduction.

For further information, including the timeframes regarding filing claims or amended returns, see Revenue Ruling 2013-17.

Revenue Ruling 2013-17, along with updated Frequently Asked Questions for same-sex couples and updated FAQs for registered domestic partners and individuals in civil unions, are available today on IRS.gov. See also Publication 555, Community Property.


If you have suggestions or comments (or suggested FAQs) for the Estate and Gift Tax web site, please contact us: CONTACT ESTATE AND GIFT TAX.  We will not be able to respond to your email, but will consider it when making improvements or additions to this site.

Page Last Reviewed or Updated: 20-Feb-2014

The Amend My 2012 Tax Return

Amend my 2012 tax return Publication 525 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionAssignment of income. Amend my 2012 tax return Ordering forms and publications. Amend my 2012 tax return Tax questions. Amend my 2012 tax return Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 525, such as legislation enacted after it was published, go to www. Amend my 2012 tax return irs. Amend my 2012 tax return gov/pub525. Amend my 2012 tax return What's New Health flexible spending arrangements (health FSAs) under cafeteria plans. Amend my 2012 tax return  For plan years beginning after 2012, health FSAs are subject to a $2,500 limit on salary reduction contributions. Amend my 2012 tax return For plan years beginning after 2013, the $2,500 limit is subject to an inflation adjustment. Amend my 2012 tax return Itemized deduction for medical expenses. Amend my 2012 tax return  Beginning in 2013, an itemized deduction is generally allowed for uncompensated medical expenses that exceed 10% of adjusted gross income (AGI). Amend my 2012 tax return If an individual or an individual’s spouse was born before January 2, 1949, the deduction is allowed for expenses that exceed 7. Amend my 2012 tax return 5% of AGI. Amend my 2012 tax return Additional Medicare Tax. Amend my 2012 tax return  Beginning in 2013, a 0. Amend my 2012 tax return 9% Additional Medicare Tax applies to Medicare wages, railroad retirement (RRTA) compensation, and self-employment income that are more than: $125,000 if married filing separately, $250,000 if married filing jointly, or $200,000 if single, head of household, or qualifying widow(er). Amend my 2012 tax return For more information, see Form 8959 and its instructions. Amend my 2012 tax return Net Investment Income Tax (NIIT). Amend my 2012 tax return  Beginning in 2013, the NIIT applies at a rate of 3. Amend my 2012 tax return 8% to certain net investment income of individuals, estates and trusts that have income above the threshold amounts. Amend my 2012 tax return Individuals will owe the tax if they have net investment income and also have modified adjusted gross income over the following thresholds for their filing status: Married filing jointly, $250,000; Married filing separately, $125,000; Single, $200,000; Head of household (with qualifying person), $200,000; Qualifying widow(er) with dependent child, $250,000. Amend my 2012 tax return For more information, see Form 8960 and its instructions. Amend my 2012 tax return Reminders Terrorist attacks. Amend my 2012 tax return  You can exclude from income certain disaster assistance, disability, and death payments received as a result of a terrorist or military action. Amend my 2012 tax return For more information, see Publication 3920, Tax Relief for Victims of Terrorist Attacks. Amend my 2012 tax return Gulf oil spill. Amend my 2012 tax return  You are required to include in your gross income payments you received for lost wages, lost business income, or lost profits. Amend my 2012 tax return See Gulf oil spill under Other Income, later. Amend my 2012 tax return Qualified settlement income. Amend my 2012 tax return . Amend my 2012 tax return  If you are a qualified taxpayer, you can contribute all or part of your qualified settlement income, up to $100,000, to an eligible retirement plan, including an IRA. Amend my 2012 tax return Contributions to eligible retirement plans, other than a Roth IRA or a designated Roth contribution, reduce the qualified settlement income that you must include in income. Amend my 2012 tax return See Exxon Valdez settlement income under Other Income, later. Amend my 2012 tax return Foreign income. Amend my 2012 tax return  If you are a U. Amend my 2012 tax return S. Amend my 2012 tax return citizen or resident alien, you must report income from sources outside the United States (foreign income) on your tax return unless it is exempt by U. Amend my 2012 tax return S. Amend my 2012 tax return law. Amend my 2012 tax return This is true whether you reside inside or outside the United States and whether or not you receive a Form W-2, Wage and Tax Statement, or Form 1099 from the foreign payer. Amend my 2012 tax return This applies to earned income (such as wages and tips) as well as unearned income (such as interest, dividends, capital gains, pensions, rents, and royalties). Amend my 2012 tax return If you reside outside the United States, you may be able to exclude part or all of your foreign source earned income. Amend my 2012 tax return For details, see Publication 54, Tax Guide for U. Amend my 2012 tax return S. Amend my 2012 tax return Citizens and Resident Aliens Abroad. Amend my 2012 tax return Disaster mitigation payments. Amend my 2012 tax return . Amend my 2012 tax return  You can exclude from income grants you use to mitigate (reduce the severity of) potential damage from future natural disasters that are paid to you through state and local governments. Amend my 2012 tax return For more information, see Disaster mitigation payments under Welfare and Other Public Assistance Benefits, later. Amend my 2012 tax return Qualified joint venture. Amend my 2012 tax return  A qualified joint venture conducted by you and your spouse may not be treated as a partnership if you file a joint return for the tax year. Amend my 2012 tax return See Partnership Income under Business and Investment Income, later. Amend my 2012 tax return Photographs of missing children. Amend my 2012 tax return  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Amend my 2012 tax return Photographs of missing children selected by the Center may appear in this publication on pages that otherwise would be blank. Amend my 2012 tax return You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Amend my 2012 tax return Introduction You can receive income in the form of money, property, or services. Amend my 2012 tax return This publication discusses many kinds of income and explains whether they are taxable or nontaxable. Amend my 2012 tax return It includes discussions on employee wages and fringe benefits, and income from bartering, partnerships, S corporations, and royalties. Amend my 2012 tax return It also includes information on disability pensions, life insurance proceeds, and welfare and other public assistance benefits. Amend my 2012 tax return Check the index for the location of a specific subject. Amend my 2012 tax return In most cases, an amount included in your income is taxable unless it is specifically exempted by law. Amend my 2012 tax return Income that is taxable must be reported on your return and is subject to tax. Amend my 2012 tax return Income that is nontaxable may have to be shown on your tax return but is not taxable. Amend my 2012 tax return Constructively received income. Amend my 2012 tax return   You are generally taxed on income that is available to you, regardless of whether it is actually in your possession. Amend my 2012 tax return    A valid check that you received or that was made available to you before the end of the tax year is considered income constructively received in that year, even if you do not cash the check or deposit it to your account until the next year. Amend my 2012 tax return For example, if the postal service tries to deliver a check to you on the last day of the tax year but you are not at home to receive it, you must include the amount in your income for that tax year. Amend my 2012 tax return If the check was mailed so that it could not possibly reach you until after the end of the tax year, and you otherwise could not get the funds before the end of the year, you include the amount in your income for the next tax year. Amend my 2012 tax return Assignment of income. Amend my 2012 tax return   Income received by an agent for you is income you constructively received in the year the agent received it. Amend my 2012 tax return If you agree by contract that a third party is to receive income for you, you must include the amount in your income when the third party receives it. Amend my 2012 tax return Example. Amend my 2012 tax return You and your employer agree that part of your salary is to be paid directly to one of your creditors. Amend my 2012 tax return You must include that amount in your income when your creditor receives it. Amend my 2012 tax return Prepaid income. Amend my 2012 tax return   In most cases, prepaid income, such as compensation for future services, is included in your income in the year you receive it. Amend my 2012 tax return However, if you use an accrual method of accounting, you can defer prepaid income you receive for services to be performed before the end of the next tax year. Amend my 2012 tax return In this case, you include the payment in your income as you earn it by performing the services. Amend my 2012 tax return Comments and suggestions. Amend my 2012 tax return   We welcome your comments about this publication and your suggestions for future editions. Amend my 2012 tax return   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Amend my 2012 tax return NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Amend my 2012 tax return Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Amend my 2012 tax return   You can send your comments from www. Amend my 2012 tax return irs. Amend my 2012 tax return gov/formspubs/. Amend my 2012 tax return Click on “More Information” and then on “Comment on Tax Forms and Publications. Amend my 2012 tax return ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Amend my 2012 tax return Ordering forms and publications. Amend my 2012 tax return   Visit www. Amend my 2012 tax return irs. Amend my 2012 tax return gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Amend my 2012 tax return Internal Revenue Service 1201 N. Amend my 2012 tax return Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Amend my 2012 tax return   If you have a tax question, check the information available on IRS. Amend my 2012 tax return gov or call 1-800-829-1040. Amend my 2012 tax return We cannot answer tax questions sent to either of the above addresses. Amend my 2012 tax return Useful Items - You may want to see: Publication 334 Tax Guide for Small Business 523 Selling Your Home 527 Residential Rental Property 541 Partnerships 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 559 Survivors, Executors, and Administrators 575 Pension and Annuity Income 915 Social Security and Equivalent Railroad Retirement Benefits 970 Tax Benefits for Education 4681 Canceled Debts, Foreclosures, Repossessions, and Abandonments Form (and Instructions) 1040 U. Amend my 2012 tax return S. Amend my 2012 tax return Individual Income Tax Return 1040A U. Amend my 2012 tax return S. Amend my 2012 tax return Individual Income Tax Return 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1040NR U. Amend my 2012 tax return S. Amend my 2012 tax return Nonresident Alien Income Tax Return 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Amend my 2012 tax return W-2 Wage and Tax Statement  See How To Get Tax Help , near the end of this publication, for information about getting these publications. Amend my 2012 tax return Prev  Up  Next   Home   More Online Publications