IRS Can Tax That Gift Any Time

Although the Service generally has 3 years to pursue a donor for gift taxes, if the donor fails to list the gift on the gift on the tax return, the statue of limitation apparently remains open forever. And according to the IRS, it’s not just the failure to list, it’s failure to list the gift properly. So if the gift is identified incorrectly, or its method of valuation is not described properly, that could be reason to come after the donor for additional gift taxes.

Bottom line: Gift tax returns are not required for any gifts to a spouse

Gift tax returns may be due on any gifts to an individual worth over $14,000. See your tax advisor, or do sufficient research on the topic!!

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