My wife and I gave our children some property in 2014 and did not know about the gift tax. Can I pay it on this year’s return or do I have to amend my 2014 returns?

[Bill290]

The land is worth about 65K.  I want to make this right with the IRS and want to self-report my carelessness.

[MichaelL1 · Accepted solution]

You and your wife can each give anyone up to $14,000 a year without having to file a gift tax return.

So depending on number of children you have, you could give each up to $14,000 and then your wife the same.

If you think it maybe more than this, then it would be advisable to talk with a tax expert as they would have to file a late gift tax return for 2014 tax year.

This is a return that is separate than your Form 1040 you file each year.  It is a Form 709 and is not supported in TurboTax.