Tax Season Resources
Gift Tax Returns
Gift tax returns are unusual for many taxpayers. Some amount of gifting to immediate family members may be done without the requirement of filing a tax return. However, some gifting requires a gift tax return, which is not necessary every year, but only in the year of the gift.
This type of return is related to the portion of a client's estate that is not taxable and gift tax returns affect that amount. Gift tax returns can be very costly to prepare after the fact when information is difficult to obtain, so reach out to us if you believe this may apply to you.