2023 Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return-2025

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The federal estate tax applies to the transfer of property at death. The gift tax applies to transfers made while a person is living. The generation-skipping transfer tax is an additional tax on a transfer of property that skips a generation.
All OP needs to do is file a 709. Since no tax will be due, there is no penalty for failure to file because the penalty is based on the amount of tax due.
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.
All gift and GST taxes must be figured and filed on a calendar year basis. List all reportable gifts made during the calendar year on one Form 709. This means you must file a separate return for each calendar year a reportable gift is given (for example, a gift given in 2023 must be reported on a 2023 Form 709).
Form 709 reports taxable gifts and generation-skipping tax lifetime exemption allocations. Certain types of financial gifts may qualify as exclusions for the gift tax. Generation-skipping tax ensures that the proper amount of estate tax is paid when a generation-skipping trust transfers assets among family members.

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If you fail to pay the penalty, you could be responsible for the amount of the gift tax due and . 5% of the amount of the gift for every month after the due date.
What Can Trigger a Gift or Estate Tax Audit? Here are some of the common factors that can lead to gift or estate tax audits: Total estate and gift value: Generally speaking, gift and estate tax returns are more likely to be audited when there are taxes owed and the size of the transaction or estate is relatively large.

irs form 709 gift tax