> 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)
> snipped-for-privacy@primenet.com
>formatting link
My question with this situation is aside from having to pay tax on the gain, would a gift tax need to be paid too?