I assure both of you (HACKITOFF & tagteam) this is not a tax trivia question (Ha! Ha!). Even if I have to pay $205 for failure to file Form 709 by the following April 15 of the date of gift, is that ALL I would be penalized? Of course, I would prefer to pay nothing, zero. Again, no gift tax would be owed. The gift (FMV approx. $450,000.00) is well below $5,000.000.00 lifetime exemption for 2011. Thanks!
