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You just cannot gift any one recipient more than $16,000 within one year. If youre married, you and your spouse can each gift up to $16,000 to any one recipient. If you gift more than the exclusion to a recipient, you will need to file tax forms to disclose those gifts to the IRS. You may also have to pay taxes on it.
Who Must File. In general. If you are a citizen or resident of the United States, you must file a gift tax return (whether or not any tax is ultimately due) in the following situations. If you gave gifts to someone in 2021 totaling more than $15,000 (other than to your spouse), you probably must file Form 709.
Filing Form 709: First, the IRS primarily finds out about gifts if you report them using Form 709. As a requirement, gifts exceeding $15,000 must be reported on this form.
WASHINGTON -- If you give any one person gifts valued at more than $10,000 in a year, it is necessary to report the total gift to the Internal Revenue Service. You may even have to pay tax on the gift. The person who receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value.
The average cost of tax preparation by CPAs by form (NSA 2020-2021) Tax FormCost per FormAverage Hourly FeesForm 709 (Gift Tax)$421$178.29Form 1041 (Fiduciary)$576$172.66Form 1065 (Partnership)$733$177.29Form 990 (Exempt Organization)$735$171.4810 more rows
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If you make a taxable gift to someone else, a gift tax return needs to be filed. If you fail to do this, penalties may apply. If you dont file the gift tax return as you should, you could be responsible for the amount of gift tax due as well as 5% of the amount of that gift for every month that the return is past due.
The IRS allows individuals to give away a specific amount of assets or property each year tax-free. In 2022, the annual gift tax exemption is $16,000 (up from $15,000 in 2021), meaning a person can give up $16,000 to as many people as they want without having to pay any taxes on the gifts.
The IRS can impose penalties for not filing a gift tax return, even when no tax was due. Gifts above the annual gift tax exclusion amount of $16,000 made during the year generally must be reported on Form 709. The gifts might not be taxed, because of the lifetime gift tax exclusion.
▶ Go to for instructions and the latest information. ▶ See instructions. 11 a Have you (the donor) previously filed a Form 709 (or 709-A) for any other year?
No, TurboTax does not support IRS Form 709. Form 709 is not filed with your federal tax return, it is a separate filing that has to be printed and mailed to the IRS using the address in the Form 709 instructions.

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