Which documents are required for the gift tax declaration?
September 12, 2022 | 50,00 EUR | answered by Fred Wittik
Dear tax advisor,
My name is Emilia Dörr and I have a question regarding the gift tax return. A few months ago, my grandfather gave me a substantial sum of money as a gift, and I would like to file my gift tax return correctly and on time. Unfortunately, I am unsure about the documents I need and the best way to proceed.
My grandfather gave me the gift in the form of a transfer to my bank account. I have the transfer receipts as well as a copy of the gift agreement, which outlines the conditions of the gift. Additionally, I have kept records of the relevant bank transactions and account statements since the gift was made.
My concerns are that I may have forgotten important documents or do not know exactly what information I need to include in the gift tax return. I want to make sure that everything is correct and complete to avoid any potential fines or penalties.
Could you please list exactly what documents I need for the gift tax return? Are there any specific forms that need to be filled out? And what information is important to include in the return? I would greatly appreciate your help in this process so that I can complete everything properly.
Thank you in advance for your assistance.
Best regards,
Emilia Dörr
Dear Mrs. Dörr,
Thank you for your inquiry regarding the gift tax return. I would be happy to help you gather all the necessary documents and explain which information is important in the return.
For the gift tax return, you will usually need the following documents:
1. Copy of the gift contract: This contract outlines the terms of the gift, such as the amount of the gift, the date of the gift, and any conditions.
2. Transfer receipts: These serve as proof of the transfer of the money to your bank account.
3. Bank statements and account transactions since the gift: These documents show that the money has actually been deposited into your account and how it was used.
Additionally, you should familiarize yourself with the tax-free allowances that apply to gifts. In Germany, there are specific thresholds up to which gifts are tax-free. For more information on the current allowances, you can contact the tax office or a tax advisor.
In the gift tax return, you will need to provide information about the gift, the recipient, and the donor. This includes the value of the gift, the degree of relationship to the donor, the date of the gift, and any applicable tax-free allowances.
There are specific forms for the gift tax return that you can obtain from the tax office or download online. These forms must be completed fully and accurately to avoid any potential repayments or penalties. If you are unsure whether you have provided all the necessary information, you can seek assistance from a tax advisor or the tax office to review your gift tax return.
I hope this information helps you in preparing your gift tax return. If you have any further questions or need assistance, please feel free to contact me.
Sincerely,
Fred Wittik
