06/12/2024
We often find situations where a gift tax return should have been filed and never was. This issue can cause you to pay tax on funds that would never have been taxed if the return was filed.
The tax code places limits on the amounts that individuals can gift to others (as money or property) without paying taxes. This is meant to keep an individual from using gifts to avoid the estate tax that is imposed upon the assets owned by the individual at their death. This can be a significant is...