- Created: Friday, 14 August 2015 15:47
by Beth Flowers, Associate
When a Gift (and Generation Skipping Transfer Tax) Return (Form 709) is filed and gift(s) are adequately disclosed, the statute of limitations (being 3 years after the return is filed) on the gifts begins to run. There are several requirements that must be met for the return to be considered complete (and the gifts adequately disclosed) so that the statute of limitations begins to run. One item that is required to be included for the gift to be considered adequately disclosed is the value of the gift. To adequately disclose the value of the gifted item, the donor should attach either a qualified appraisal or a detailed description of the method used to determine the fair market value of the gift.