2022 – 02/22 – Are you ready for the 2021 gift tax return deadline?

If you made large gifts to your children, grandchildren or others in 2021, it’s important to determine whether you’re required to file a gift tax return by April 18 (Oct. 17 if you file for an extension). The annual gift tax exclusion has increased in 2022 to $16,000 but was $15,000 for 2021. Generally, you’ll need to file a return if you made 2021 gifts that exceeded the $15,000-per-recipient gift tax annual exclusion (unless to your U.S. noncitizen spouse) and in certain other situations. But sometimes it’s desirable to file a gift tax return even if you aren’t required to. If you’re not sure whether you must (or should) file a 2021 gift tax return, contact us.


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