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Old 06-17-2009, 03:39 PM
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What is the due date to File a Gift Tax Return?

In general, a taxpayer needs to file a gift tax form when the taxpayer has exceeded the annual $13,000 tax-free gift limit ($12,000 for gifts in 2006-2008).

But it is highly recommended that the taxpayer send in "Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return" every time a transaction has been made with a family member over $13,000 - even if it wasn't a gift.

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Old 04-27-2013, 02:07 PM
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Consequences

Quote:
Originally Posted by TaxGuru View Post
In general, a taxpayer needs to file a gift tax form when the taxpayer has exceeded the annual $13,000 tax-free gift limit ($12,000 for gifts in 2006-2008).

But it is highly recommended that the taxpayer send in "Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return" every time a transaction has been made with a family member over $13,000 - even if it wasn't a gift.
If the taxpayer gave over the annual exclusion for gift, but it is under the lifetime exclusion amount in 2012. What is the consequences of not filing a Form 709? Is it that when I pass away, the government tracks down all the gifts I made over my life and anything that I exceed the lifetime exclusion needs to remit taxes?



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