The IRS 2012 Data Fact Book reports that 258,393 gift tax returns (Forms 709) were filed that year compared to 219,544 in 2011. The most striking difference between the two years is the aggregate amount of the gifts, which totaled about $135 billion in 2012, reflecting an increase of $84 billion, or 165 percent, over the 2011 total of $51 billion. Many 2012 gift tax returns were filed in 2013 because the Internal Revenue Service allowed the taxpayer to submit Form 709.
Have a Gift Tax Audit Problem? Gift Tax Audits Require an Experienced Tax Attorney.
Original Post By: Ronald Marini