late filed 709

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  • Mark Goldberg
    Senior Member
    • Jun 2005
    • 187
    #1

    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?
    Tags: None
    • Bird Legs
      Senior Member
      • Jun 2005
      • 990
      #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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