Get Uncle Fed 2011 Form 709

If you are a citizen or resident of the United States, you must file a gift tax return (whether or not any tax is ultimately due) in the following situations. If you gave gifts to someone in 2019 totaling more than $15,000 (other than to your spouse), you probably must file Form 709.

WASHINGTON -- If you give any one person gifts valued at more than $10,000 in a year, it is necessary to report the total gift to the Internal Revenue Service. You may even have to pay tax on the gift. The person who receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value.

@eyeballjames There is no penalty for late filing a gift tax return (Form 709) if no tax is due. The reference to a "minimum penalty" for failure to file applies to income tax returns (Section 61), not gift tax returns, which are addressed in Section 2501.

You may need to file a gift tax return If you make a taxable gift (one in excess of the annual exclusion), you must file Form 709: U.S. Gift (and Generation-Skipping Transfer) Tax Return. ... If you extend your 1040 to October 15, the extended due date applies to your gift tax return too.

Can I e-file Form 709? You cannot e-file Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return.

The primary way the IRS becomes aware of gifts is when you report them on form 709. You are required to report gifts to an individual over $14,000 on this form. ... However, form 709 is not the only way the IRS will know about a gift. The IRS can also find out about a gift when you are audited.

If you fail to file the gift tax return, you'll be assessed a gift tax penalty of 5 percent per month of the tax due, up to a limit of 25 percent. If your filing is more than 60 days late (including an extension), you'll face a minimum additional tax of at least $205 or 100 percent of the tax due, whichever is less.

In general. If you are a citizen or resident of the United States, you must file a gift tax return (whether or not any tax is ultimately due) in the following situations. If you gave gifts to someone in 2020 totaling more than $15,000 (other than to your spouse), you probably must file Form 709.

The primary way the IRS becomes aware of gifts is when you report them on form 709. You are required to report gifts to an individual over $14,000 on this form. This is how the IRS will generally become aware of a gift. However, form 709 is not the only way the IRS will know about a gift.