Form 709 instructions gift tax 2017-2025

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Who Must File If you gave gifts to someone in 2024 totaling more than $18,000 (other than to your spouse), you probably must file Form 709. Certain gifts, called future interests, are not subject to the $18,000 annual exclusion and you must file Form 709 even if the gift was under $18,000.
Use the annual gift tax exclusion. Each year, you can give a certain amount of property to a family member without incurring gift taxes. As of 2024, the annual gift tax exclusion is $18,000 per recipient. This means you can gradually transfer property over several years to minimize tax liabilities.
The annual federal gift tax exclusion for 2017 has not changed from 2016 and remains $14,000. If a person makes gifts of $14,000 to 4 different people, none of the gifts are considered taxable by the federal government.
personal and dependent exemptions remain $4,050. the Standard Deduction rises to $6,350 for Single, $9,350 for Head of Household, and $12,700 for Married Filing Jointly. the maximum earned income tax credit rises to $6,318.
Federal Estate and Gift Tax Rates and Exclusions YearEstate Tax ExclusionGift Tax Annual Exclusion 2016 $5,450,000 $14,000 2017 $5,490,000 $14,000 2018 $11,180,000 [3] $15,000 2019 $11,400,000 $15,00033 more rows
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You dont have to report gifts to the IRS unless the amount exceeds $18,000 in 2024 (increasing to $19,000 in 2025). Any gifts exceeding $18,000 in a year must be reported and contribute to your lifetime exclusion amount. You can gift up to $13.61 million over your lifetime without paying a gift tax on it (as of 2024).
However, a special rule allows you to make a lump-sum contribution in a single year and treat it as though it was made over five years for gift tax purposes. For example, you can contribute $90,000 (5 years x $18,000) in 2024 to jump-start a 529 college savings account for your child.
Certain gifts, called future interests, are not subject to the $14,000 annual exclusion and you must file Form 709 even if the gift was under $14,000. See Annual Exclusion, later. Spouses may not file a joint gift tax return. Each individual is responsible for his or her own Form 709.

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