Gift tax returns are filed by the person who made the gift, not the recipient. If you need to file a gift tax return, knowing the deadlines and how to properly extend your gift tax return is important. The deadline to file a gift tax return is April 15th. However, you can request an extension from the IRS if you cannot file by this date. An extension will give you until October 15th to file your return.
To extend your gift tax return, you must complete Form 8809. This form must be filed by the original due date of your return, April 15th. Once Form 8809 is approved by the IRS, you will have six additional months to file your gift tax return. It’s important to note that an extension of time to file is not an extension to pay any taxes owed.
Can You Do an Extension for a Gift Tax Return?
Yes, you can file an extension for a gift tax return. The process is relatively simple and only requires that you complete a short form and submit it to the IRS. However, there are a few things to keep in mind if you decide to go this route.
First, even though you are filing an extension, you will still need to estimate your tax liability and make any necessary payments by the original deadline of April 15th. Please do so to avoid interest and penalties being assessed on your account.
Second, while an extension gives you additional time to file your return, it does not extend the time you have to pay any taxes owed. If you think you may owe taxes on your gifts, send in a payment with your extension request to avoid incurring interest charges.
Finally, remember that an extension is only granted for filing your return – not for gathering information or documentation needed to complete it.
So if you need clarification on certain aspects of your return, it’s best to err on the side of caution and gather everything you need before submitting your request for an extension.
How Do I Extend My Gift Tax 709?
It’s pretty simple to extend your gift tax 709. Just fill a form 1040-ES and send it in by the due date. Include a check or money order for the amount you owe. The IRS will send you a check if you’re owed a refund.
How Long Can a Gift Tax Return Be Extended?
Assuming you are asking about the IRS Form 709, used to report gifts and generation-skipping transfers, the answer is that it can be extended by six months. This extension is automatic – you do not need to file a separate form or request it from the IRS. However, remember that this extension only applies to the return filing itself. The tax on the gift must still be paid by the original due date of April 15th.
How to Extend Form 709
It’s that time of year again! You’ve just finished your taxes and are ready to file Form 709, the gift tax return. But wait! You should have included a few gifts you made during the year. What can you do? You can file an amended Form 709 to include the missing gifts.
To do so, complete a new Form 709 and check the box labeled “Amended Return” at the top of the form. Include all required schedules and attachments with your amended return. If you’re amending Form 709 to correct a mistake, explain what error you’re correcting and how it happened. For example, if you forgot to include a gift on your original return, explain why the omission occurred.
If you’re changing your gift valuation, provide supporting documentation for the new value. Filing an amended return may take additional time, so get it done quickly!
Closing
Like most people, you should wait until the last minute to do your taxes. However, if you have a lot of gifts to report, you may need to file a gift tax return. Here’s how to extend your gift tax return.
First, contact the IRS and request an extension. You can do this by phone or online. Be sure to have your name, address, and Social Security number handy when you call.
Next, file Form 4868 with the IRS. This form is available on the IRS website or at your local post office. Include a check or money order for any estimated taxes owed.
Finally, keep track of all the gifts you give during the year so that you can accurately report them on your tax return. Gifts of cash and property are taxable; however, there are some exclusions for certain gifts (e.g., charitable donations). Keep good records, so you don’t have to pay any penalties for underreporting your gifts.
