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Not only is April 15 the deadline to file a 2023 income tax return and pay any taxes due, it\u2019s also the deadline to file a gift tax return. If you made substantial gifts of wealth to family members in 2023, you may have to file a gift tax return. It\u2019s due by April 15 of the year after you make the gift, so the deadline for 2023 gifts is coming up soon. But you can extend the deadline to October\u00a015 by filing for an extension.<\/p>\n
When a return is required<\/strong><\/p>\n Generally, a federal gift tax return (Form 709) is required if you make gifts to or for someone during the year that exceed the annual gift tax exclusion ($17,000 per person for 2023 and $18,000 per person for 2024). There\u2019s a separate exclusion for gifts to a noncitizen spouse ($175,000 for 2023 and $185,000 for 2024).<\/p>\n Also, if you make gifts of future<\/em> interests, such as transfers to a trust for a donee\u2019s benefit, even if they\u2019re less than the annual exclusion amount, a gift tax return is required. Finally, if you split gifts with your spouse, regardless of the amount, you must file a gift tax return.<\/p>\n Being required to file a form doesn\u2019t necessarily mean you owe gift tax. You\u2019ll owe tax only if you\u2019ve already exhausted your lifetime gift and estate tax exemption ($12.92\u00a0million for 2023 and $13.61\u00a0million for 2024).<\/p>\n When a return isn\u2019t required<\/strong><\/p>\n No gift tax return is required if you:<\/p>\n If you transferred hard-to-value property, such as artwork or interests in a family-owned business, consider filing a gift tax return even if you\u2019re not required to. Adequate disclosure of the transfer in a return triggers the statute of limitations, generally preventing the IRS from challenging your valuation more than three years after you file.<\/p>\n In some cases, it\u2019s even advisable to file Form 709 to report nongifts<\/em>. For example, suppose you sold assets to a family member or a trust. Again, filing a return triggers the statute of limitations and prevents the IRS from claiming, more than three years after you filed the return, that the assets were undervalued and, therefore, partially taxable.<\/p>\n Turn to us for help<\/strong><\/p>\n Estate tax rules and regulations can be complicated. If you need help determining whether you need to file a gift tax return, contact us.<\/p>\n \u00a9 2024<\/em><\/p>\n <\/body> Not only is April 15 the deadline to file a 2023 income tax return and pay any taxes due, it\u2019s also the deadline to file a gift tax return. If you made substantial gifts of wealth to family members in 2023, you may have to file a gift tax return. It\u2019s due by April 15 […]<\/p>\n\n
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