In 2015, a taxpayer can give up to $14,000 per person per year without being taxed on the gift. For example, this year you could give Friend A $14,000, Friend B $14,000, and your sister $14,000 and not be taxed on your gifts.lso, another way for parents to avoid the gift tax is to remember that each parent is entitled to their own individual $14,000 exclusion. This means that your mother and father could each give you $14,000 this year â for a total of $28,000 â without being taxed on that gift.
The IRS erroneous refund revival theory would allow the IRS to administratively collect all $2,000 of the erroneous refund to Alex, $4,000 of the $7,000 erroneous refund to Blair, and $4,000 from Cody (the $2,000 erroneous refund and the $2,000 unpaid on the original assessment).
Amended tax return is your chance to correct your mistakes; itâs sort of a second chance, your do-over provided by IRS via Form 1040X. Knowing the status of your amended tax return can take a long time, you usually donât get an immediate response. It takes too much boring and frustrating time waiting to know the status of your amended returns, and even more frustrating is the fact that the IRS telephone assistors will not give you any additional information when your amended return is being processed until it is completed.