As tax season is coming to a close, do not forget to file your gift tax returns! If you gifted assets in 2022, maybe a house, a car, a boat, stocks, etc., you may need to file a gift tax return (IRS Form 709). For example, if you are letting a family member reside in a property you own, you may need to file a gift tax return. A 709 is also required when making certain Generation Skipping Transfers. If you are uncertain as to whether you need to file a gift tax return, speak with your accountant. Gift tax returns become especially important when filing estate tax returns (IRS Forms 706). Failing to file appropriate gift tax returns timely can result in additional expenses and may cause unnecessary expense and delay in the future for your estate. If you have any questions, please speak with your attorney.

-Emily A. Helmick, Esq.