Irs Gift Tax Exclusion
March 14th, 2000
Irs Gift Tax Exclusion
Question: Is there a penalty for filing a gift Tax Return late if there are no taxes due?
My deceased father (died in 2006) failed to file gift tax returns for several years reporting gifts that exceeded the annual exclusion amount. I (as POA for my mom) want to file all of those past-due gift tax returns now. Does the IRS charge a late filing fee or penalty, even though there will NOT be any taxes owed?
Gift tax returns DEFINITELY must be filed, since the value of the gifts exceeded the annual exclusion amount!!! I’m talking about GIFT taxes, not Income Taxes! I just don’t know if there will be a penalty for not filing them when they were supposed to have been filed!
Answer: if there are no taxes owed, you don’t even have to file. if they owe you money, you have 3 years to file.
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Tags: estate, estate_and_gift_tax, irs, irs gift tax exclusion 2009, irs gift tax exclusion 2010, irs gift tax exclusions, law, tax