709 form 2018-2025

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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.
Do you need to file a gift tax return? If you make a taxable gift (one in excess of the annual exclusion), you are required to file Form 709: US Gift (and Generation-Skipping Transfer) Tax Return. The return is required even if you dont actually owe any gift tax due to the $13.61 million lifetime exemption.
In addition to the increased exemption amounts discussed above, the amount each person may give annually to as many individuals as he or she desires without incurring a gift tax and without using any of the gift tax exemption amount will increase to $15,000 in 2018 (up from $14,000 in 2017).
You must file Form 709 if any of the following situations apply to you: You made gifts to individuals exceeding the annual exclusion amount (currently $15,000 per recipient in 2023). You and your spouse are splitting gifts (gifts made by one spouse are treated as made equally by both).
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 2023 totaling more than $17,000 (other than to your spouse), you probably must file Form 709.
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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.
Use Form 709 to report: Transfers subject to the federal gift and certain generation-skipping transfer (GST) taxes. Allocation of the lifetime GST exemption to property transferred during the transferors lifetime.
You cannot e-file Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return. The Instructions for Form 709 direct you to mail it to the applicable address listed below.

irs form 709 2019