Who Must File Form 709?

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 2019 totaling more than $15,000 (other than to your spouse), you probably must file Form 709.

Does Form 709 need to be filed with 1040?

You may need to file a gift tax return If you make a taxable gift (one in excess of the annual exclusion), you must file Form 709: U.S. Gift (and Generation-Skipping Transfer) Tax Return. ... If you extend your 1040 to October 15, the extended due date applies to your gift tax return too.

What is a 709 gift tax return?

Form 709 is the United States Gift and Generation-Skipping Transfer Tax Return required by the IRS to report taxable gifts you might make during your lifetime.

How does the IRS know if I give a gift?

The primary way the IRS becomes aware of gifts is when you report them on form 709. You are required to report gifts to an individual over $14,000 on this form. ... However, form 709 is not the only way the IRS will know about a gift. The IRS can also find out about a gift when you are audited.

Get Form 709

709United States Gift (and GenerationSkipping Transfer) Tax ReturnDepartment of the Treasury Internal Revenue Service(For gifts made during calendar year 2017)Form Goto www.irs.gov/Form709 for instructions.

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