2024 Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return-2025

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The following individuals are generally required to file Form 709: Donors who have made gifts exceeding the annual exclusion limit: If you have given gifts to any one individual that total more than the annual exclusion limit for the tax year, you must file Form 709.
The IRS also has the right to assess other penalties or interest for all of the years from the date of the gift tax filing to the current date, if the IRS Form 709 was not filed. For this reason, Form 709 has a section to report non-gift transactions.
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.
No, you do not have to report money you receive as a gift as income. While any gift may be taxable, the recipient of the gift does not have to pay the gift tax. And the person who gives you the gift only needs to file a gift tax return if its more than the $18,000 annual exclusion.
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.
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The annual gift exclusion for 2024 is $18,000. See Annual Exclusion, later. For gifts made to spouses who are not U.S. citizens, the annual exclusion has increased to $185,000.
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.
Unless you made a taxable gift valued at more than $18,000 to an individual or entity in 2024 or more than $19,000 in 2025, you dont need to fill out Form 709. If you did, you may just need to report the gift.

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