If someone gifted $35000 as a gift for a down payment for a property, arent they suppose to file a form 709 for 2014 tax year ?
Gift coming from Mother to Daughter ? Isnt Mother suppose to report that in the tax return ?
Many people do not file the 709 in the year of the gift, and late-filed 709s are permitted. With the gift tax exemption as high as it is now, many folks figure that they will never reach that amount and be subject to the gift tax.
Ms. Willi is a tax attorney, CPA, and Ohio-Certified Specialist in Estate Planning, Trust & Probate Law, with offices in Westerville, Ohio. She serves client families and private business owners throughout Ohio. Ms. Willi responds to Avvo questions as a public service to help educate and provide general guidance to questioners, but her responses are not legal advice and do not create an attorney-client relationship. Her posts are provided for informational purposes only and are not a substitute for advice provided by an attorney or licensed tax professional. Her phone number is 614-890-0500 and her website is www.willilaw.com.
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