Time is Ticking: April 15 Deadline Remains for Filing Gift Tax Returns
The Internal Revenue Service (IRS) may have extended the filing deadline for federal income tax returns to May 15 (or June 15 for taxpayers in declared disaster areas), but the April 15 deadline remains for filing federal gift tax returns. Taxpayers who need more time to prepare these returns may request an extension.
Who Needs to File?
Individual taxpayers who made gifts to any recipient of more than $15,000 during 2020 need to file a gift tax return to report the gift.
How Can I Request an Extension?
U.S. taxpayers are encouraged to work with their trusted tax advisor, like those at Doeren Mayhew CPAs and Advisors, to request an extension using one of the following options:
Filing Form 4868 on or before April 15, 2021, which will then extend their time to file both their gift tax return and income tax return to Oct. 15, 2021.
Filing Form 8892 on or before April 15, 2021, which will extend the time for filing your gift tax return to Oct. 15, 2021.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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