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If you made large gifts to your children, grandchildren or other heirs last year, it\u2019s important to determine whether you\u2019re required to file a 2019 gift tax return. And in some cases, even if it\u2019s not required to file one, it may be beneficial to do so anyway.<\/p>\n
Who must file?<\/strong><\/p>\n Generally, you must file a gift tax return for 2019 if, during the tax year, you made gifts:<\/p>\n Keep in mind that you\u2019ll owe gift tax only to the extent that an exclusion doesn\u2019t apply and you\u2019ve used up your lifetime gift and estate tax exemption ($11.4 million for 2019). As you can see, some transfers require a return even if you don\u2019t owe tax.<\/p>\n Who might want <\/em>to file?<\/strong><\/p>\n No gift tax return is required if your gifts for 2019 consisted solely of gifts that are tax-free because they qualify as:<\/p>\n But if you transferred hard-to-value property, such as artwork or interests in a family-owned business, you should 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 April 15 deadline<\/strong><\/p>\n The gift tax return deadline is the same as the income tax filing deadline. For 2019 returns, it\u2019s April 15, 2020 \u2014 or October 15, 2020, if you file for an extension. But keep in mind that, if you owe gift tax, the payment deadline is April 15, regardless of whether you file for an extension. If you\u2019re not sure whether you must (or should) file a 2019 gift tax return, contact us.<\/p>\n \u00a9 2020<\/em><\/p>\n <\/body> If you made large gifts to your children, grandchildren or other heirs last year, it\u2019s important to determine whether you\u2019re required to file a 2019 gift tax return. And in some cases, even if it\u2019s not required to file one, it may be beneficial to do so anyway. Who must file? Generally, you must file […]<\/p>\n","protected":false},"author":3,"featured_media":14454,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-14455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-individual-tax"],"_links":{"self":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts\/14455","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/comments?post=14455"}],"version-history":[{"count":0,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts\/14455\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/media?parent=14455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/categories?post=14455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/tags?post=14455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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