@Anonymous wrote:
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!
Then you would pay nothing. This is not at all unlike a scenario where a refund is due on an income tax return (or no tax is due); penalties basically apply when tax is due and owing but is not paid and/or no return is filed (or the return is filed late).
