How long do I have to report donations to the tax office?
April 28, 2022 | 50,00 EUR | answered by Eiko Hoffmann
Dear Sir or Madam,
my name is Sofia Schröter and I have a question regarding gift tax. Several years ago, my grandmother transferred a property to me, which I now want to sell. Unfortunately, I forgot to report this gift to the tax office. Now I am wondering how long I have to report gifts to the tax office and if I may face consequences for not doing so thus far.
I am concerned that I may have to make tax repayments or face penalties for not reporting the gift in a timely manner. I would like to know if it is still possible to report the gift retroactively and the best way to proceed with this.
Could you please explain to me what deadlines apply for reporting gifts to the tax office and if there are ways to rectify any omissions retrospectively? Are there specific regulations or penalties for late reporting, and how can I ensure that I properly report all gifts to the tax office in the future?
Thank you in advance for your help and support.
Yours sincerely,
Sofia Schröter
Dear Mrs. Schröter,
Thank you for your inquiry regarding gift tax and reporting gifts to the tax office. It is understandable that you are concerned because you did not report your grandmother's gift in a timely manner. I will now explain to you in detail the deadlines for reporting gifts and the possible consequences.
In general, gifts must be reported to the tax office within three months of receipt. This applies to gifts in the form of monetary amounts as well as gifts in the form of assets such as real estate. If you have missed this deadline, it can lead to tax payments and possibly penalties.
In your case, since you received your grandmother's gift several years ago and have not reported it yet, it is important that you do so as soon as possible. You have the option to report the gift retroactively and avoid a possible penalty. You should have all relevant information about the gift ready, such as the value of the property at the time of the gift.
It is advisable to seek professional help from a tax advisor to ensure that the report is correct and complete. A tax advisor can also help you calculate possible tax payments and, if necessary, appeal against penalties.
There are no specific regulations or penalties for late reports as long as you voluntarily and correctly report the gift. However, it is important that you report all gifts to the tax office on time and properly in the future to avoid problems and consequences.
I hope this information has been helpful to you. If you have any further questions or need assistance, I am happy to help.
Sincerely,
Eiko Hoffmann
Tax Advisor
