Gift Tax Returns Are Due Now!
Gift tax returns are due by April 15th of the year following the gift. You must file a return if you have made a gift of a hard to value asset such as real estate or an interest in a closely held business. You may also need to file a gift tax return if your total gifts to any one person of more than $13,000.00. However, you might not owe any taxes if you’re married and your spouse will “split” the gift but you still have to file a return.
So, if you’re just reading this, in April, you may only have a few days or hours left.
That’s the bad news. However, the good news is that like the individual income tax return, you can file an extension to file the gift tax return and can file up until April.
Note: An extension to file does not mean that payment is not due.
I hope that this is helpful. If you need help filing a return for a trust, or for a gift tax return, please call Donna, Denise, or Beth at 610-933-8069 and mention code: David Frees or 2010TAXES for a appointment with one of our tax lawyers.