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Do I really need to file form 709?

Generally, Form 709: U.S. Gift (and Generation-Skipping Transfer) Tax Return is required if any of the following apply: An individual makes one or more gifts to any one person (other than his or her citizen spouse) that are more than the annual exclusion for the year.

What is the history of the gift tax exclusion?

The gift tax was first enacted in 1924, repealed in 1926, overhauled and reintroduced in 1932. At its peak in fiscal year 1999, it raised $4.6 billion in revenues, before the recent phased-in tax rate reductions ushered by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) took effect.

What is the gift tax exclusion rule?

How the annual gift tax exclusion works. The annual exclusion is a set amount that you may gift someone without having to report it to the IRS on a gift tax return. In 2023, you can give up to $17,000 to someone in a year without having to deal with the IRS. In 2024, this threshold is $18,000.

What is the 2008 gift tax exclusion?

The gift tax annual exclusion is subject to cost-of-living increases. For 2008, you generally can give a gift valued at up to $12,000 each, to any number of people, and none of the gifts will be taxable. However, gifts of future interests cannot be excluded under an annual exclusion provision.

What was the gift tax limit in 2007?

Annual exclusionThe annual amount of gifts, to any single beneficiary, which are exempt from Federal gift taxation. For 2007, the annual exclusion amount was $12,000.

What is the lifetime gift tax exemption for 2009?

On Jan. 1, 2009, the annual exclusion for federal gift tax purposes increased from $12,000 to $13,000 per donor/per donee. The federal lifetime gift tax exemption (for gifts in excess of the annual exclusion) has not changed; it remains at $1 million.

What happens if I dont file form 709?

A penalty is usually charged if your Form 709 is filed after the due date (including extensions). It is usually 5% of the tax not paid by the original due date for each month or part of a month your return is late. The maximum penalty is 25%.

What is a 709 form used for?

Form 709 is used to report transfers subject to the Federal gift and certain generation-skipping transfer (GST) taxes, and to figure the tax, if any, due on those transfers. Form 709 InstructionsPDF. This item contains helpful information to be used by the taxpayer in preparation of Form 709, U.S. Gift Tax Return.

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