Gift Tax Returns

​Depending upon the situs, fair market value, and type of asset being gifted, if a U.S. resident or nonresident individual gifts assets to another person, there may be a U.S. gift tax liability and gift tax return requirement. There are some elections and strategies to help minimize or eliminate the potential gift tax liability. The United States also has a number of estate and gift tax treaties with various countries to try to help taxpayers avoid double taxation on the same transfer.