Hello all,I made a gift to someone in 2015 and recently found out I should have reported the gift on U.S. gift tax form 709. I am a U.S. citizen living in Germany. The asset is in Germany and the donee is German. The German taxing agency taxed him on the gift.Due to the lifetime exclusion, there will be no U.S. tax payable.Has anyone here filed a gift tax return after the deadline? Should I just send it in and hope for the best?Best...
Just send it in and hope for the best! Penalties are usually based on the amount of tax due.
There would be no tax due. Personally, I'd fuggedaboutit. I don't think pursuing honest mistakes that make no difference in the tax due is high on the IRS's list of priorities.
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