A gift tax return — Form 709 — trips up more practitioners more often than expected, partly because the filing trigger isn’t just about owing tax. A client made a large gift last year. Now the question lands on the desk: does this require a return? Clients can owe nothing and still have a filing […]
Displaying: Form 709
IRS Guidance Permits Same-Sex Couples to Recalculate Tax Treatment on Prior Gifts or Bequests
The IRS posted guidance (2017-15) permitting same-sex married couples to recalculate the prior transfer tax treatment of gifts and bequests made before the U.S. Supreme Court deemed Defense of Marriage Act (DOMA) unconstitutional.