J.K. Lasser's Your Income Tax 2013: For Preparing Your 2012 Tax Return

39.3 Filing a Gift Tax Return

A gift tax return generally must be filed on Form 709 for a gift made during 2012 to an individual other than your spouse if it exceeds $13,000 or is a gift of a future interest (regardless of value). A return does not have to be filed for gifts qualifying for the tuition or medical expense exclusion discussed in 39.2.

Married couples who consent to split gifts of over $13,000 in 2012 to any one person must report the gifts to the IRS on Form 709. No gift tax is due under the annual exclusion if the “split” gift is $26,000 or less.

Form 709 for 2012 generally must be filed by April 15, 2013. If you get a filing extension (Form 4868) for your income tax return, the extension also applies to the gift tax return. If you do not request an extension for your income tax return, you can use Form 8892 to request a filing extension for your gift tax return.

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Caution

Gift Disclosure Starts Running of Statute of Limitations

To begin the running of the statute of limitations on gift valuation, the gift must be adequately disclosed on Form 709 filed for the year of the gift. Follow the gift reporting instructions for Schedule A of Form 709. Given this statute of limitations consideration, even donors of property valued at under the annual exclusion ($13,000 for 2012)may want to report the gift on Form 709 in order to start the clock running ...