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As the new tax season is starting, we would like to remind you that if you made gifts during 2024, you may be required to report them on a gift tax return. For Puerto Rico purposes, generally, any person who makes a reportable gift over ten thousand dollars ($10,000) per donee must file an Informative Gift Tax Return on or before January 31 of the year following the gift. A three-month automatic extension is available, and if the donor is outside of Puerto Rico, an extension may be granted for up to six months.
For United States purposes, if a reportable gift over eighteen thousand dollars ($18,000) per donee was made, a Gift Tax Return may be required to determine the tax liability. The return must be filed on or before April 15 and a six-month automatic extension is available. Keep in mind that the automatic extension does not extend the time to pay the tax liability determined, if any.
In both cases the extensions must be formally requested. If you made gifts last year and need our assistance in identifying the necessary information and preparing the returns, please feel free to contact our Tax Department.
