What deadlines apply for the payment of gift tax?
January 24, 2022 | 50,00 EUR | answered by Fred Wittik
Dear tax advisor,
I recently received a gift and I am unsure about the deadlines for paying the gift tax. My aunt transferred a property to me and I want to make sure that I pay all necessary taxes on time.
My aunt transferred the property to me last month and I have already submitted the gift tax return. Now I am wondering if there is a specific deadline by which I must pay the gift tax. I do not want to incur any additional fees or penalties, so it is important for me to adhere to the correct deadlines.
My main concern is that I may not be able to meet the deadlines for paying the gift tax and could therefore face legal consequences or financial losses. Therefore, I am seeking your help to ensure that I complete all necessary steps in a timely manner.
Could you please inform me of the specific deadlines for paying the gift tax and whether there are any extension possibilities if I am unable to meet the deadlines? Are there specific requirements that must be met in order to obtain an extension? I thank you in advance for your support and guidance in this matter.
Best regards,
Anna Born
Dear Mrs. Born,
Thank you for your question regarding the deadlines for payment of gift tax. It is understandable that you are concerned about meeting the deadlines and want to ensure that you do not have to pay any additional fees or penalties. I will be happy to provide you with all the important information on this topic.
In general, you must pay the gift tax within three months after the tax liability arises. The tax liability arises at the moment the gift is made. In your case, since your aunt transferred the property to you last month, you must pay the gift tax within three months from the date of the transfer.
It is important to meet this deadline, as late payment may incur interest and possibly penalties. If you are unable to meet the deadline, you have the option to request an extension. However, this extension must be requested in a timely manner before the deadline expires. Typically, an extension is granted if there are valid reasons preventing the timely payment of the gift tax.
To request an extension, you must submit a corresponding application to the tax office and provide detailed reasons for the delay. The tax office may require additional documents or evidence from you to review your application. It is advisable to contact the tax office early on to complete all necessary steps in a timely manner.
I hope this information helps you meet the deadlines for payment of gift tax and apply for an extension if necessary. If you have any further questions or need assistance, I am happy to help.
Sincerely,
Fred Wittik
