As you may know, the IRS extended the 2020 income tax filing deadline to May 17, 2021. However, this extension does not apply to all tax forms. One notable exception is Form 709, the Federal Gift Tax Return, which must still follow its original due date guidelines.
When Is Form 709 Required?
You must file Form 709 if, in 2020, you:
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Gave more than $15,000 to any one individual (including gifts in trust)
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Made gifts under $15,000 to certain types of trusts
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Gave hard-to-value assets, such as:
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Artwork
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Closely held business interests
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These are personal gifts—not charitable contributions, which are reported on your Form 1040.
Examples of recipients include:
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Family (e.g., children, nieces, nephews)
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Friends
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Business associates
Important Filing Note for 2020
Although the deadline for filing Form 1040 was extended, the deadline to extend Form 709 remained April 15, 2021.
To extend your time to file Form 709, you must have filed either:
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Form 4868 – Application for Extension of Time to File Your Individual Income Tax Return
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Form 8892 – Application for Extension of Time To File Form 709
If neither form was filed by April 15, you may be considered late, even if you plan to file your Form 1040 by the extended May 17 deadline.
What You Should Do Now
If you believe you may have a gift tax filing requirement, it is critical to act immediately. Late filing can result in penalties and interest, and missing an extension deadline further complicates compliance.
📞 Contact our office today at 561-995-0064 if you have questions or need assistance determining your filing obligations.
We’re here to help and ensure you stay in compliance with evolving tax requirements.
Stay safe and well,
Lerro & Chandross PLLC