Dear Liz: You recently answered a question about gift taxes and mentioned gift tax returns. Who is supposed to report the gift, the one giving or the one receiving the money? It seems like the one receiving the gift should, but in the answer it seemed the one giving the gift was subject to taxes.
Answer: The giver would file the return. The gift tax rules require people to report any annual gift over $14,000 to any one person, although the givers don’t owe gift taxes until those aggregate amounts exceed a certain limit (currently $5.45 million). The gift tax rules are designed to keep wealthy people from circumventing estate tax laws by giving vast amounts to their heirs before they die.
Today’s top story: How to write a retirement plan. Also in the news: The tax advantages of homeownership, tax tips for members of the military, and the billions of dollars in unclimed tax refunds.
Today’s top story: The pros and cons of automatic bill payments. Also in the news: When it’s time to sell a mutual fund, what you need before you file your taxes, and when to consider locking your Social Security number.
Today’s top story: The biggest mistakes you can make while banking online. Also in the news: Making tax time easier, the single best thing you can do for your financial wellbeing, and how debt can wreck your retirement. 
Your tax refund may take a few days longer to land in your bank account this year. That’s because criminals from around the world are determined to get to it first.
Today’s top story: How to prevent identity theft. Also in the news: The costs that are often overlooked when deciding to rent or buy, reasons to file a tax extension, and how you’re using your credit card incorrectly.