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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 7321
Experience:  15years with H & R Block. Divisional leader, Instructor
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If I gift my child $500,000, which is above the annual limit

Resolved Question:

If I gift my child $500,000, which is above the annual limit but want to claim exemption under the unified lifetime gift and estate limit of $5.12M, what form do I file and what are the deadlines?
Submitted: 10 months ago.
Category: Tax
Expert:  Robin D. replied 10 months ago.

Robin D. :

Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience.
You would file the Form 709. This will allow you to show the amount over the yearly limit and claim the lifetime amount so you would not owe tax.
Generally, you must file the Form 709 no earlier than January 1, but not later than April 15, of the year after the gift was made. However, in instances when April 15 falls on a Saturday, Sunday, or legal holiday, Form 709 will be due on the next business day.

Robin D. :

If you file an extention for your federal return then you can also extend the gift tax filing. If you do not request an extension for your income tax return, use Form 8892, Application for Automatic Extension of Time To File Form 709 and/or Payment of Gift/Generation-Skipping Transfer Tax, to request an automatic 6-month extension of time to file your federal gift tax return.

Robin D. :

File Form 709 at the following address:



Department of the Treasury
Internal Revenue Service Center
Cincinnati, OH 45999


Customer:

If I made the gift in September 2012, do I file form 8892 now and is there a penalty involved for "late" filing?

Robin D. :

If you made the gift in 2012 then you should have already either filed the 709 or requested the extension. The extension can not be used now but you should go ahead and file the 709.
If you receive a notice about penalties after you file Form 709, send an explanation and we will determine if you meet reasonable cause criteria. Do not attach an explanation when you file Form 709.

Robin D. :

IRC Section 6651 imposes penalties for both late filing and late payment, unless there is reasonable cause for the delay.As you will not have to pay any tax then you would not have a penalty on that but if you do receive a notice about filing late, then just respond with your reason for being late.

Robin D. :

The IRS may not issue a penalty for the late 709 as you will not have tax due but only they can say for sure if they will accept your reason.

Robin D. :

Some reasons for cause that they may accept would be death, illness (your illness or close family member), bad advice form a professional too.

Robin D. :

I hope our CHAT has been helpful.

Robin D. :

Did you have more questions about filing the 709?

Customer:

I gave all the info to my accountant in March 2013 to file with my regular tax return and have requested multiple times and he still has not filed! What can I do?

Robin D. :

File the 709 your self and if the IRS sends you a notice about filing late then tell them that reason exactly and as simply as you explained it to me.

Customer:

Thanks and good bye for your help.

Robin D. :

You are most welcome

Robin D. :

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Robin D. :

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Robin D. :

I look forward to assisting you in the future. Please request me.

Robin D. :

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Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 7321
Experience: 15years with H & R Block. Divisional leader, Instructor
Robin D. and 7 other Tax Specialists are ready to help you
Expert:  Robin D. replied 10 months ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

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Expert:  Robin D. replied 10 months ago.
Hello CJ,
Wanted to touch base with you and make sure all worked out.
Robin

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