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Pittsburg, Kansas | Let's say you write a check to someone as a gift for $19,000. Good to go not filing it with your Federal income tax papers.
But let's say you also give them a big screen TV for Christmas that costs 300.
You are now required to file a gift tax return. You would owe no tax and 300 would go against your lifetime exemption.
So why the problem? None unless you forget to file. You potentially could be subject to penalties and interest on the penalties for not filing the proper paperwork. One year might not be much, but what if it is five years before an audit and discovery?
All depends on how onery the IRS in general and an individual IRS agent wants to be.
The job ain't done till the paperwork is finished. To be forewarned is to be forearmed.
Filing is not a big deal. One additional page that might take two minutes to fill out by an experienced tax preparer.
Edited by John Burns 1/29/2026 13:23
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Generational Wealth - again - sort of
