If You Made Gifts in 2018, You May Need to File a Gift Tax Return


If you made gifts in 2018 in excess of the gift tax annual exclusion amount - $15,000 per donee in 2018, or $30,000 if a husband and wife elect to split gifts - you must file a gift tax return and apply your lifetime gift tax exemption to report these gifts.

If you made a gift to a Trust that has the potential to distribute property to a grandchild, it is important to file a gift tax return to have a clear record of the Generation-Skipping Transfer (GST) tax exemption allocated to the Trust.

In 2018, each person had a gift tax exemption of $11,180,000, reduced by the value of any prior lifetime gifts.  A gift tax return to report gifts made in 2018 is due on April 15, 2019, but may be extended until October 15, 2019.


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