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    needanans's Avatar
    needanans Posts: 2, Reputation: 1
    New Member
    		  
    #1

    May 14, 2009, 01:48 PM
    gift tax return for previous year
    Hi,
    I had given a gift to my mother in 2007 for which I had not submitted a gift tax return (the gift value exceeded the limit of 12k for tax year 2007). Can I submit the gift tax return for 2007 now? If so, what form do I use?

    Thank you very much.
    -PuzzledByTaxes
    Five Rings's Avatar
    Five Rings Posts: 459, Reputation: 7
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    #2

    May 17, 2009, 10:50 AM

    Are you married? If so, your spouse can be deemed to have contributed to this gift also for an additional 12,000.

    Unless this gift was over a million dollars there will be no immediate tax consequences.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    May 18, 2009, 01:20 PM
    And, yes, you CAN file the gift tax return late.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #4

    May 19, 2009, 12:34 AM

    File Form 709: United States Gift (and Generation-Skipping Transfer) Tax Return

    All gifts of more than annual exclusion amount ($12000 for 2007) must be reported by the donor. There is a lifetime exclusion of $1 million. A person making a gift in excess of $12K must include the gift in the lifetime exclusion and file Form 709 to document the gift. This exclusion will reduce your Estate Tax exclusion amount.
    Read Your U.S. Tax Return: The U.S. Gift Tax
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