On Tuesday, April 25, 2000 at 1:00:00 AM UTC-6, Ed Zollars wrote:

"Gene E. Utterback" <[email protected]> wrote:

You can only amend returns back three years, so the answer
is a resounding NO - you are stuck with the gains.

I would also point out that even if we were within the three
year window, you can't simply go back and "throw out" the
notes you wrote on the sale. And it would seem difficult to
believe that you accidentally reported your transfer as a
sale on the original 1040 when you really meant for it to be
a gift.
---
Ed Zollars, CPA (AZ)
[email protected]
http://www.hmtzcpas.com

My question with this situation is aside from having to pay tax on the gain, would a gift tax need to be paid too?

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