Form 709 is a tax form used by individuals to report taxable gifts made during the year. Form must be filed by the donor, if they have made a gift that exceeds the annual exclusion amount.
Form 709 is also used to allocate lifetime generation skipping tax exemptions, when transferring property to a beneficiary who is not related by marriage, adoption, or blood.
Individuals who make gifts that exceed the annual exclusion amount in a given year are required to file Form 709 with the IRS. This includes gifts of property, cash, or any other assets.
Gifts made to a spouse who is a U.S. citizen, gifts to qualified charitable organizations, and payments made directly to educational or medical institutions on behalf of someone else.
In 2023, the annual exclusion limit for gifts is $17,000. For married couples who file a joint return, this limit doubles to $34,000. The lifetime gift tax exemption is $12.92 million.
You can obtain Form 709 from the IRS website. You can either download a fillable PDF version of the form or request a paper copy to be mailed to you.
During any tax year in which you make a taxable gift, you must submit Form 709 unless you qualify for one of the aforementioned exemptions. Form 709 must be printed and mailed to the IRS.