taxgal812
Level 1
12-07-2019
12:44 AM
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Do I have to file a 709 gift tax return
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Happy-Tax
Level 5
12-07-2019
12:44 AM
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Gift tax return required? Yes.
Deduction on the client's return for the $70K given to the son? Nope. Your client will end up eating the tax on the $110K (unless his son is the Pope or a televangelist).
Level 15
12-07-2019
12:44 AM
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Nope, no deductions for gifts! And yes, now a gift tax return is required.
Hopefully your client didn't call and ask you about this prior to doing it and you told him it was deductible.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Hopefully your client didn't call and ask you about this prior to doing it and you told him it was deductible.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
itonewbie
Level 15
12-07-2019
12:44 AM
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By the past tense used in the question, sounds like it's the normal fare of done it, now what?
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