If you received gift(s) in 2014, you may have to file a gift tax return. If you have not yet done so, please do so before 1 March 2015. You risk a fine otherwise. Not the donor, but the donee is responsible for filing the tax return. Any gift tax due only has to be paid after you have received an assessment for it from the Tax Administration.
A gift tax return is not required if the amounts received are less than the ‘normal’ gift tax exemptions. The ‘normal’ exemptions are (listed are the amounts that applied to gifts in 2014):
- For gifts by parents to children: €5,229;
- For donations by other donors: €2,092.
If you received several gifts from the same donor(s) in 2014, you must aggregate them for the purposes of the exemption.
In all other cases, however, a tax return must be filed, regardless of whether or not you actually owe gift tax. So even if you have received a gift that falls under the increased exemption or a gift under the temporarily extended exemption of €100,000 for the owner-occupied home applicable for 2014. In the tax return form, you can indicate which exemption applies.
Of course, VWGNijhof is happy to assist you in preparing and filing your gift tax return.