April 2, 2020
To provide relief for taxpayers adversely affected by the coronavirus (COVID-19) pandemic, the U.S. Treasury Dept. has extended the April 15, 2020, federal gift tax filing and payment deadline to July 15, 2020. Form 709 is required if you make gifts to or for someone during the year that exceed the $15,000 annual gift tax exclusion. Being required to file a form doesn’t necessarily mean you owe gift tax. You’ll owe tax only if you’ve already exhausted your lifetime gift and estate tax exemption ($11.40 million for 2019 and $11.58 million for 2020). You’re still allowed to request a filing and payment deadline extension to Oct. 15, 2020. Contact us with questions.
We are here for you