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).
When you forget to claim a tax deduction in a previous tax year, your income tax bill is generally higher than it should have been.The Internal Revenue Service allows you to file an amended return to recover any deductions you missed from a previous tax year.lthough you will generally receive a refund for any overpayment within 12 weeks from filing the amended return, the IRS does limit the number of years you can recover a tax deduction to three years. Step 1. Obtain Form 1040X, Form 1040X instructions and Form1040 instructions from the IRS website, as of 2011.