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).
Then complete Form 1040-V following theinstructions on that form and enclose it in the envelope with your payment.Do not attach the payment to your return.For more information, refer to your tax instruction booklet or visit the IRS Website at www.irs.gov.void mistakes that may delay your refund or result incorrespondence with the IRS.Here are just a few items to complete prior to mailing your tax return: Sign your return. Your federal tax return is not considered a valid returnunless it is signed.