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re: Annual/Lifetime Gift Tax Exemptions
Posted on 9/26/22 at 6:39 am to Chinese Bandit Boy
Posted on 9/26/22 at 6:39 am to Chinese Bandit Boy
Likely none as failure to file and failure to pay penalties are based on situations where there is tax due. Unless you have already exceeded the the lifetime exclusion there would be no tax due. One of the biggest issues I see is that if you don’t file the return, the statute of limitations doesn’t start running for that particular year.
1
Posted on 9/26/22 at 12:10 pm to hedgediver
quote:
One of the biggest issues I see is that if you don’t file the return, the statute of limitations doesn’t start running for that particular year.
Yup... we call this the "file and run" strategy.
IF you are taking discounts that are, shall we say, aggressive, file the gift tax return so the statue of limitations clock starts to run.
Especially these days where the IRS is understafed.
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