Legal Question in Wills and Trusts in New Jersey

Gift made 10 years ago. Donor just found out that Form 709 should have been submitted and a gift tax made. What do do now?

Thanks.


Asked on 7/10/14, 2:39 pm

1 Answer from Attorneys
Jonathan Chester The Law Office of Jonathan S. Chester, Esq., LLC

I believe it's possible to file a gift tax return reporting the old gift. If a gift tax was due, the donor may be subject to interest and penalties.

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Answered on 8/19/14, 8:06 am


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