Do you need to file a 2016 gift tax return by April 18?
Do you need to file a 2016 gift tax return by April 18? Generally, you’ll need to file one if you made gifts that exceeded the $14,000-per-recipient gift tax annual exclusion (unless to your U.S. citizen spouse) and in certain other situations. If you transferred hard-to-value property, such as artwork or interests in a family business, consider filing a gift tax return even if not required. Doing so can trigger the statute of limitations, generally preventing the IRS from challenging your valuation more than three years after you file. Have questions? Contact us.