This form is a sample letter in Word format covering the subject matter of the title of the form.
This form is a sample letter in Word format covering the subject matter of the title of the form.
Use Form 709 to report: Transfers subject to the federal gift and certain generation-skipping transfer (GST) taxes.
How Do I Write a Gift Letter? The donor's name, address and phone number. The donor's relationship to the client. The dollar amount of the gift. The date when the funds were (or will be) transferred. A statement from the donor that no repayment is expected. The donor's signature.
You can gift up to the annual exclusion amount per child ($18,000 in 2024) without triggering gift tax. For larger gifts, use the lifetime exemption and file IRS Form 709.
Making a gift or leaving your estate to your heirs does not ordinarily affect your federal income tax. You cannot deduct the value of gifts you make (other than gifts that are deductible charitable contributions).