An amended return is allowed for up to 3 years after the original due date. The gift reporting is the same.
Per IRS regulations, a “transfer will be adequately disclosed if it is reported in a manner adequate to apprise the IRS of the nature of the gift and the basis for the value so reported.”
If the IRS does not challenge the values on a gift tax return during the three-year period following the filing of the gift tax return and there is “adequate disclosure,” then the IRS may not adjust the amount of the gift in determining future gift or estate tax liability for these gifts.
The IRS often waits until the filing of the estate tax return to challenge the gift. If the gift is not properly disclosed, you can rectify the problem by filing an amended return meeting the adequate disclosure requirements.
The amended return must identify the transfer and provide all of the information required under §(###) ###-####c)–1(f)(2) that was not previously submitted with the original gift tax return. The amended return must be filed with the same Internal Revenue Service Center where the donor previously filed the gift tax return for the calendar year. The top of the first page of the amended return must have the words “Amended Form 709 for gift(s) made in [insert the calendar year that the gift was made].
This is in accordance with Rev. Proc. 2000–34, 2000–34 I.R.B. 186.
The amended return then has a 3 year statute as well.
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