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Level 3
posted Feb 18, 2020 10:48:08 PM

How to file gift tax return late

My mother decided to help pay for part of my house purchasing in 2018 and failed to file a gift tax return. In 2019 she passed away leaving me additional money in our joint savings account.  I’m now helping my father to file a form 709 on my mother’s behalf. 


Since there are 2 transfers but different years,  do I use separate forms for each years, meaning two gift tax returns or could use one form for both?

The amounts are way below the 11.4m lifetime exclusion amount and will end up with zero tax liability. However, will there be penalties for filing late like the Federal Income Tax Returns? 

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1 Replies
Not applicable
Feb 18, 2020 11:51:23 PM

for 2018 a gift tax return, form 709, would need to be filed if the gift exceeded $14,000

 

a gift tax return is not filed for an inheritance.  if required an estate tax return is filed form 706,

 

maybe you should consult an attorney since filing the wrong forms can create problems.