Gift Tax Returns More Likely to be Subject to IRS Audits

The Internal Revenue Service is likely to step up audits of gift tax returns, it may appear. Fewer estate tax returns are being filed because of the increased estate tax exemption, so the agency has more staff and resources to devote to gift tax returns. To illustrate this,there is a current project in which IRS asks states for names of folks who transferred realty for little or no money to relatives and then checks whether gift tax returns were filed.

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