Do you need to file gift tax returns? Avoid these common mistakes
Abstract: As the combined gift and estate tax exemption continues to increase, fewer families will be subject to federal gift taxes. If a person’s wealth is well within the exemption amount, does that mean he or she doesn’t need to file a gift tax return? This article examines situations in which it’s necessary (and desirable) to file a return. A sidebar explains the benefits of making direct payments of medical and education expenses.