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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10109
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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[email protected] happens if I did not file a 709 form from

Customer Question

[email protected] happens if I did not file a 709 form from 2009 all the way up to 2014 will I get in trouble for not doing this because I went over the limit
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.
No,
Likely not.
Because the lifetime gift exclusion is $5,340,000 ... and all that form does is track AGAINST the lifetime exclusion... IF you haven't given that much away yet, there will be no tax due.
If you miss the filing deadline, the monthly late filing penalty is 5 percent of the net tax due.
But again, until you owe money (by giving away more than the 5 Million plus exclusion) there's no basis for the tax, so no tax is due, so there's no penalty.
Now if you gave more than 14,000 to any one person (the amount that's COMPLETELY excluded from reporting AND tax) I would go ahead and file so that you'll be compliant SHOULD you every go over the exclusion.
But again, if you haven't given away more than the exclusion amount, there's no tax.
SOME practitioners are telling client's that's if they'll never even get close, there's no need to file... but I'd rather be safe than sorry, and go ahead and get them filed.
Let me know if you have any questions at all...
lane
Expert:  Lane replied 1 year ago.
Hi,
… just checking back in to see how things are going.
Did my answer help?
Let me know…
Lane
Expert:  Lane replied 1 year ago.
Hi just checking in one more time...been a couple of days.
Did you have clarifying or additional questions based on my answer?
Did my answer help?
let me know
lane

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