Home » TAX TYPES OF » GIFT TAX » Is A Gift Tax Return Due for Your Real-Estate Transfer?

Is A Gift Tax Return Due for Your Real-Estate Transfer?

The IRS Estate and Gift Tax Program recently started working with state and county authorities in several states to determine if real estate transfers reported to them are unreported gifts.

Although a tax may not be due, a gift tax return may be required for real estate transfers above the annual exclusion amount.

The annual exclusion applies to gifts to each donee. In other words, if you give each of your children $11,000 in 2002-2005, $12,000 in 2006-2008, and $13,000 on or after January 1, 2009, the annual exclusion applies to each gift.

[Stacie says: Note: Each parent may gift up to the annual exclusion amount to their child. So in 2009, a child may receive a total of $26,000.]

Penalties will be considered on all delinquent taxable gift returns filed.

See information about:

Estate and Gift Taxes
Gift Tax
Gift Tax Return


Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: