You Must File The Gift Tax Return or Extension for Gifts In 2010
By April 15th 2011
If you made a gift to a child or
grandchild in 2010 you must file
the return or an extension by April 15th.
Once the extension is filed, you have until
October to file the return. However,
extensions do not automatically extend
the time to pay the tax.
So, if your gift created a tax (it was
more than the annual exclusion amount
and/or you previously used your lifetime
exemption, you may have a tax laibility.
You should also consult your tax preparer or estate tax adviser if you
made gifts to grandchildren or great grandchildren (or to a trust)
which might require a return to allocate the generation skipping
transfer tax exemption.
For questions about gifting in trust or outright to your
family members, please call David M. Frees III
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