Anonymous
Anonymous asked in Business & FinanceTaxesUnited States · 9 months ago

didn't file form 709?

Year ago, I gave $30,000 as a gift to My sister. and at the time I didn't know anything about filing 709 form,   Just recently I learnt online about this 709 filing rule.  That is the only gift i gave in my life time, what should i do now? 

6 Answers

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  • NA
    Lv 7
    9 months ago

    Besides the fact you were required to file the form, if the IRS audits your sister and finds the $30K with no gift tax form, they may hit her with unreported income.

    File the 709 and attach a letter saying you just found out about the filing requirement.

  • 9 months ago

    Is "Year ago" "One year ago" or "Years ago" as in maybe 7+ years?  It might make a difference in some strange situation.

  • 9 months ago

    You can amend the return by filing the form.

  • Anonymous
    9 months ago

    I'd just let it go and do nothing.  Unless you give total lifetime gifts over a couple million dollars, doesn't change your tax anyway

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  • Anonymous
    9 months ago

    Do nothing.  The chances of the IRS finding out after this amount of time is about zero.

  • Anonymous
    9 months ago

    2 choices. File it or don't.

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