My mother has transfered her house 300k to me and my husband in 2006. However, I don't think she filed form 709 before the tax deadline this week.
Please let me know if she can still file it today. will there be any penalties since it's late? should she worry about this?
2007-04-18 07:13:11 · 2 answers · asked by mark 1 in Business & Finance ➔ Taxes ➔ United States
I don't believe any tax is due, since she is only using up 300k out of 1million life time gift credit. right?
So if nothing is due, will there still be penalties since she has passed the deadline for filing?
thanks in advance
2007-04-18 08:49:22 · update #1
Yes, she can still file. And yes, there probably will be penalties for late filing if there is any tax due.
2007-04-18 07:20:28 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
The submitting cut-off date for 2013 presents is April 15, 2014, a similar date as your income tax return would be due. you do not record those mutually, they're separate returns. If the recipient is married, you're able to be able to offer each and every companion $10k and dispense with submitting form 709 fullyyt because of the fact the $14,000 annual exclusion is in step with recipient to an endless variety of recipients. FYI, the unified credit for 2013 is $5,250,000. The $a million,000,000 is non longer in effect. It develop into greater advantageous to $5,000,000 in 2011 and is now listed to inflation. (you may thank Obama for that one -- he pushed the substitute by way of.)
2016-11-25 20:00:04 · answer #2 · answered by ? 4 · 0⤊ 0⤋