2019 Gift Tax Returns Must Be Filed or Extended by April 15, 2020

Gift Tax Payments Are Due on April 15, 2020

The IRS’s three-month filing and payment extension for 2019 federal income tax returns does not apply to gift tax returns. The IRS recently stated in a Q&A on its website that the “normal filing and payment due dates continue to apply to estate and gift taxes.”

This means that taxpayers who must file a gift tax return (Form 709) for 2019 should either file their Form 709 or request an extension of time to file that return on or before April 15, 2020. This is particularly important for Forms 709 that may report an allocation of Generation-Skipping Transfer Tax exemption. Also, taxpayers that owe gift tax for 2019 should pay that tax on or before April 15, 2020—even if an extension to file the gift tax return is requested.

If you have questions about your specific situation, please contact your Weaver engagement team. We are here to help.

© 2020