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?
2007-03-26 16:50:35 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
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!
2007-03-26 17:04:34 · update #1
if there are no taxes owed, you don't even have to file. if they owe you money, you have 3 years to file.
2007-03-26 16:56:42 · answer #1 · answered by Anonymous · 0⤊ 2⤋
If the gift taxes exceed the annual exclusion amount, then there will definitely be some penalties involved. However, I have not had a great deal of experience with gift taxes... The IRS.GOV site will definitely have what you need to see what you should do, and what your father should have done.
2007-03-26 18:04:18 · answer #2 · answered by John M 2 · 0⤊ 0⤋
particular, as quickly as you have filed the returns, it rather is going to look as earnings and a trend of earnings which makes you a greater effectual lending danger You owe considerable taxes on the grounds which you have been illegally evading your legal duty to record an earnings tax return and pay tax. . . .and not using a w-2, you would be submitting as an self reliant contractor, self-employed, and ought to record a 1040, Sch C and SE. Any respected tax preparer can aid you. presents are actually not in return for centers, this sounds like wages for paintings. creditors require copies of applicants final 2 filed tax returns, then notice to the IRS for transcripts of the returns to substantiate each and everything fits. it is undemanding to record electronically for 2010, even nevertheless previous due. yet returns for past years must be mailed, and the processing takes from 4 to 22 weeks. in case you're in a rush, take achieved returns direct to IRS place of work.
2016-10-20 00:38:54 · answer #3 · answered by ? 4 · 0⤊ 0⤋
http://www.irs.gov/instructions/i709/ch01.html#d0e578
2007-03-26 17:55:51 · answer #4 · answered by jeff410 7 · 0⤊ 0⤋