Discussion:Gift Tax Return Required? Mother suing son to get gift back
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Discussion Forum Index --> Tax Questions --> Gift Tax Return Required? Mother suing son to get gift back
| April 20, 2007 | |
| I have a client that gave her son a piece of property in 2005. Shortly after the gift, she learned that her son had given her incorrect information that had led her towards making this gift. She is now suing her son to get the property back.
Do we file a gift tax return for 2005? I filed an extension for the gift tax return for 2005, but never filed the return. The IRS just sent a notice saying that they got the extension, but never got the return and they want to know why we think a gift tax return is not required. | |
| 20 April 2007 | |
| hmmmm, may need to get a letter from the attorney advising you NOT to file a gift tax return yet. | |
| 21 April 2007 | |
| I'd explain the circumstances to the IRS...I'm sure they will understand. | |
| 21 April 2007 | |
| I would assume from your post that the title of the property was transferred mother to son for $1 (or some other nominal amount). I don't kow if legally she can get the prperty returned top her via the suit, but if the title transferred, there is a gift. I would definitely get a legal opinion, but I think the return needs to be filed & then if she succeeds it needs to be corrected. I would hope that there would be no gift tax paid & its just a matter of filing. | |
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