We were buying a property back in 2021 and our son gifted us (me and my wife) some money to close the deal, around $50k. He has not filled out the form 709 yet, but filled out and has received the tax return for 2021. What needs to be done to resolve that? Should he fill the form 709 out and send it right away? Would he be fined because of the filling it out late? Thank you!
He can simply prepare the form and file it.
Late filing penalties for this particular form are essentially based upon tax due and there would almost certainly be none due.
Thank you! Do we need to reflect somehow the gift received in our married filling jointly tax return?
@asm7464 wrote:
Thank you! Do we need to reflect somehow the gift received in our married filling jointly tax return?
No, donees (those who receive gifts) do not need to report gifts received on their tax returns.