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    late filed 709

    If a gift tax return is filed years late and there is no tax due, just a reduction of the credit will there be penalties?

    #2
    Form 709-Penalties

    Late filing penalty of 5% of tax per month up to 25%, in addition to late payment penalties and interest.
    Therefore, if no tax owed, then there would be no penalties.
    See Business QF H-7.
    Would have suggested you look in the 2005 TheTaxBook, but it is too early for that.

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