[ykim32]

On July 1, Year 5, Vega made a transfer by gift in an amount sufficient to require the filling of a gift tax return. Vega was still alive in Year 6. If Vega did not request an extension of time for filling the year 5 gift tax return, the dudate for filling was

ANSWER: April 15, Year 6

because a gifit tax return must be filed on or before April 15 following the year of gift, regardless of wheter the taxpayer uses a caldendar year or a fiscal year.

However, if an extension of time for filling is requested and the fiscal year(May 1 ~ April 31), when is the due date with extention time for this questions?

Aprial 15, Year 6? or August 15, Year 6?(Fourth month)?

I belive that August 15, Year6. But, I am so confusued.

Anybody can explain the correct approach and answer?

[Kimboroni]

The gift tax is always due on April 15, even if the taxpayer uses a fiscal year.

Gift taxes get a 6 month extension from April 15, so the extended due date would be October 15. The fiscal year doesn't affect the extended due date either.

AUD 84 (1/9/14-Wiley books/TB + free materials)
FAR 83 (5/21/14-the above + NINJA 10 Pt Combo Lite)
REG 84 (7/9/14-Wiley books/TB + NINJA Audio/FC/Notes)
BEC 76 (10/5/14-Wiley books/TB + NINJA Audio/FC)

Disclaimer: My ninja avatar is not meant to imply that I have any affiliation with this site other than being a forum member. That's a pic of a T-shirt that my daughter gave me for my birthday. 🙂

[ykim32]

Thank you!!!!

[Author]

Replies