adequate disclosure

gift tax

Filing a Gift Tax Return Regardless of Whether it’s Required May be a Plus

Did you know that it may be advantageous to file a gift tax return when transferring property to a family member, even when one isn’t required? If the return meets the IRS’s “adequate disclosure” requirements, the three-year statute of limitations clock starts. Avoiding future tax surprises Generally, the IRS has three years to challenge the…

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