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The gift tax return was due in year 2012 and 2013 and donor…

the gift tax return was...
the gift tax return was due in year 2012 and 2013 and donor forgot to file it. now what are the consequences for donor and receiver?
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Answered in 1 hour by:
12/12/2017
Chad EA, CFP ®
Chad EA, CFP ®, Enrolled Agent
Category: Tax
Satisfied Customers: 1,381
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Hello, my name is ***** ***** I will be able to assist you with your gift tax question.

In 2012 the annual gift tax exclusion amount was $13,000. If you exceeded this limit then you would complete the IRS Form 709 and use your life time gift tax exclusion. Currently, your life time exclusion is approximately $5.4 Million.

If you are not over the life time exclusion amount then you wouldn't owe gift tax and therefore would not be penalized for failure to pay.

___

You should as soon as possible file the gift tax forms. You should file for several reason, including documenting the value of the gifts and also to start the statue of limitations that the IRS has to questions the value of the gifts you made.

As usual, the sooner you file, the sooner you start the statute of limitations running on your gift tax return. Under the tax law and Internal Revenue Service regulations, to start the statute of limitations running on your gift tax return, you must make "adequate disclosure" of the gift. The only way to do that is to file a gift tax return reporting the gift.

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Customer reply replied 2 months ago
I have two concerns:1. How late you can file a gift tax return
2. what are the penalties and interest on late returns?

Interest would only be owed if you owed taxes after using your life time gift tax exlusion.

The penalty for filing late is normally 5 percent of the unpaid taxes for each month or part of a month that a tax return is late. That penalty starts accruing the day after the tax filing due date and will not exceed 25 percent of your unpaid taxes.

There is no time limit for you to file a return. What happens is, when you don't file you leave your self exposed to allowing the IRS to go back to any tax return that wasn't filed and question the amount or value of the gift.

Filing allows the statue of limitations to begin, which will serve to preserve the value you claim in the gift tax form unless you substantially over value or under value the amount gift.

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Customer reply replied 2 months ago
which IRS publication you picked this information up from? so that i can refer this information to someone else as well.
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Ask Your Own Tax Question

I know this information and generally refer to the IRS publication to verify that nothing has changed in the regulations.

Chad EA, CFP ®
Chad EA, CFP ®, Enrolled Agent
Category: Tax
Satisfied Customers: 1,381
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
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Category: Tax
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