What documents do I need for the gift tax return?
September 30, 2022 | 60,00 EUR | answered by Eiko Hoffmann
Dear Tax Advisor,
My name is Nina Reimann and I recently received a significant sum of money as a gift from my parents. I am now faced with the challenge of correctly and timely submitting the gift tax return. Unfortunately, I have never submitted such a declaration before and I am unsure of the documents I need for it.
Currently, I only have the confirmation of the gift from my parents and the receipt of the money transfer. However, I have read that additional documents may be required for the gift tax return, such as a list of my parents' assets at the time of the gift or information on any conditional gifts.
I am concerned that I may overlook important documents and therefore errors may occur in the gift tax return. Therefore, it would be very helpful for me if you could detail exactly which documents I need for the declaration and how I can best put them together. Are there any deadlines that I need to be aware of?
I would greatly appreciate it if you could assist me with this matter and provide me with clear instructions so that I can submit the gift tax return smoothly. Thank you in advance for your support.
Best regards,
Nina Reimann
Dear Mrs. Reimann,
Thank you for your inquiry regarding the gift tax return. It is understandable that you may feel unsure if you have never filed such a return before. I am happy to help you gather the necessary documents and provide you with an overview of the necessary steps.
For the gift tax return, you will typically need the following documents:
- Confirmation of the gift (in your case, from your parents)
- Proof of transferred assets (e.g. bank transfer receipt)
- Inventory of your parents' assets at the time of the gift
- Information on any reservations of rights gifts
- Potentially additional evidence of the gift (e.g. gift contract)
It is important that you submit all relevant documents completely and correctly to avoid errors in the gift tax return. If you are missing certain information, I recommend requesting it from your parents or other family members.
Regarding the deadlines for the gift tax return, please note that it must be submitted to the tax office within three months of receiving the gift. Otherwise, late payment interest or even penalties may apply. Therefore, it is important to prepare and submit the return promptly and carefully.
To ensure that you have all the necessary documents for the gift tax return, I recommend creating a checklist and ticking off each item. If you have any uncertainties, you can also consult a tax advisor who can assist you with the preparation and submission of the return.
I hope that my information will be helpful to you in preparing your gift tax return. If you have any further questions, please feel free to contact me.
Best regards,
Eiko Hoffmann
