- March 18, 2015
- Posted by: Jenna McQuinn
- Category: In The Know, Tax, TaxBites
|Generally, you’ll need to file a gift tax return for 2014 if, during the tax year, you made gifts:
If you transferred hard-to-value property, such as artwork or interests in a family-owned business, consider filing a gift tax return even if you’re not required to. Adequate disclosure of the transfer in a return triggers the statute of limitations, generally preventing the IRS from challenging your valuation more than three years after you file.
There may be other instances where you’ll need to file a gift tax return — or where you won’t need to file one even though a gift exceeds your annual exclusion. Contact us at 617-471-1120 for details.