File Gift Tax Returns by October 15

For those who made gifts in 2012 and extended the deadlineto file your federal gift tax return (Form 709), the deadline to submit isOctober 15, 2013.

If gifts were made in 2012 in excess of the $13,000 annualexclusion, a gift tax return needs to be filed for ALL gifts.

Also, if a gift was made to a grandchild or ageneration-skipping trust, a timely-filed gift tax return is important in orderto apply the lifetime generation-skipping transfer (GST) tax exemption.

If any property was sold to a descendant or trust, alltransactions need to be reported and fully described in order to ensure thestatute of limitations begins to run on the ability of the IRS to challengevaluation.

See Rice M.Tilley, Jr., John M. Collins, William D. Ratliff, III, J. Mitchell Miller, Jeffrey E. Raley, Danika Hudik Mendrygal, Rebecca E. Whitacre, Jamie L. Harris, Reminder to File Gift (and GST) Tax Returnsby October 15, 2013, Haynes and Boone, LLP, Sept. 16, 2013.