My deceased father (died in 2006) failed to file gift tax returns for several years reporting gifts that exceeded the annual exclusion amount. I (as POA for my mom) want to file all of those past-due gift tax returns now. Does the IRS charge a late filing fee or penalty, even though there will NOT be any taxes owed?
Is there a penalty for filing a gift tax return late if there are no taxes due?
if there are no taxes owed, you don't even have to file. if they owe you money, you have 3 years to file.
Reply:http://www.irs.gov/instructions/i709/ch0...
Reply:If the gift taxes exceed the annual exclusion amount, then there will definitely be some penalties involved. However, I have not had a great deal of experience with gift taxes... The IRS.GOV site will definitely have what you need to see what you should do, and what your father should have done.
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