If you made gifts in calendar year 2012 that should be reported on a federal gift tax return (Form 709) and you extended the deadline to file your gift tax return, the deadline to submit a timely-filed return is October 15, 2013.
Specific examples of types of gifts are included below:
- If you made any gifts during 2012 in excess of the annual gift tax exclusion ($13,000 for 2012), you must file a gift tax return all of your gifts, even small gifts that are fully covered by the annual exclusion.
- If you made a gift to a grandchild or to a generation-skipping trust for children and more remote descendants, it is important to file your gift tax return on time in order to apply your lifetime generation-skipping transfer (“GST”) tax exemption to such gifts.
- If you sold any property (for example, real estate, stock, or an interest in a partnership or LLC) to a descendant or a trust in 2012, all such transactions should be reported and fully described on the gift tax return, even though the sale may be at full fair market value and no gift was involved. By fully reporting a sale transaction, you should ensure the statute of limitations begins to run on the IRS’s ability to challenge the valuation.