Thursday, September 19, 2013
For those who made gifts in 2012 and extended the deadline to file your federal gift tax return (Form 709), the deadline to submit is October 15, 2013.
If gifts were made in 2012 in excess of the $13,000 annual exclusion, a gift tax return needs to be filed for ALL gifts.
Also, if a gift was made to a grandchild or a generation-skipping trust, a timely-filed gift tax return is important in order to apply the lifetime generation-skipping transfer (GST) tax exemption.
If any property was sold to a descendant or trust, all transactions need to be reported and fully described in order to ensure the statute of limitations begins to run on the ability of the IRS to challenge valuation.
See Rice M. Tilley, Jr., John M. Collins, William D. Ratliff, III, J. Mitchell Miller, Jeffrey E. Raley, Danika Hudik Mendrygal, Rebecca E. Whitacre, Jamie L. Harris, Reminder to File Gift (and GST) Tax Returns by October 15, 2013, Haynes and Boone, LLP, Sept. 16, 2013.