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How do I have to amend a Gift Tax return? The original

How long do I...

How long do I have to amend a Gift Tax return? The original return did not indicate that the gift should be part of the lifetime gift tax exclusion. I want to correct that mistake. The gifts totaled approx. $1 million. The original return was filed in 2009 for 2008 gifts.

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Answered in 14 minutes by:
2/3/2017
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,469
Experience: Extensive Experience with Tax, Financial & Estate Issues
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Hello, my name is***** goal is to give you a complete & accurate answer. I am working on your request now & I will respond as soon as possible.

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The general 3 year Statute of Limitations applies to Gift Tax Returns on Form 709.

Was the gift tax paid because the lifetime exclusion wasn't included?

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Customer reply replied 1 year ago
The return was filed but no gift tax was paid. The lady died several years later and now the IRS is coming after the children who received the gifts (in the form of land). I'm hoping to restore this to being part of her lifetime exclusion.

First of all, when you say "coming after" what do you mean?

If the Gift Tax Return was incomplete, ie. missing information, etc., there is no Statute of Limitations. The IRS seems to use this as their way of ignoring the 3-year SOL. For example, if there was inadequate support for the value of the gift, for example there was no appraisal attached to the Gift Tax Return, that could render the return incomplete and therefore extend the SOL.

If the gift was reported, and if no Gift Tax was due or paid, wouldn't the Gift come into play automatically as part of the 706? I'm not sure I understand what you are trying to do with amending the 709.

Is there anyway to take the position that the gift wasn't a "completed gift" at the time of the "gift" so that the children would get the "step-up" in basis? For example, not knowing your factual situation, but we have successfully argued that theory in the past where a parent adds a child to the deed after a spouse dies, (just for a matter of convenience & to avoid Probate) but the parent continues to occupy the home, thereby retaining control of the property and therefore didn't complete the gift.

Let me know if you'd like to "discuss" your factual situation further.

Steve G.

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Customer reply replied 1 year ago
I look forward to your call

For some reason there is a problem with the site.

You may have to make the request through Customer Service if you don't see the offer from me in the next minute or two.

Thanks,

Steve G.

Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,469
Experience: Extensive Experience with Tax, Financial & Estate Issues
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Lane
Lane, JD, MBA, CFP, CRPS
Category: Tax
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Customer reply replied 1 year ago
WE close at 1pm on Friday, so please call me Monday. Thank you.

David:

I now have the information (your number) so I will call Monday. Let me know if there's any particular time that is good for you; otherwise I'll call in the morning. I recognize your area code and it appears that you are in the Pacific Time zone.

If you want me to call sooner than Monday, just let me know. I take it that your office closes at 1PM Pacific Time?

Steve G.

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David......can you let me know if you still want me to call you?

Steve G.

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Customer reply replied 1 year ago
Thank you but another individual called on Friday. He said the service told him you do not make phone calls and my case was transferred to him. I appreciate the information you gave me and I will be happy to talk with you further but I do not want to pay another $52 fee. :) I am in South Carolina. Thank you.

OK, no problem.

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