Form 709 - Gift Tax

The general rule is that any gift is a taxable gift (IRS Publication 559 Survivors, Executors, and Administrators, on page 25). See below for exceptions.

TaxAct supports the individual tax return but does not support Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return. This is a separate return from the individual tax return (Form 1040 U.S. Individual Income Tax Return).

The gift exclusion for 2020 is $15,000.

See IRS Publication 559 for more information regarding the gift tax.

Nontaxable gifts

  • Gifts that are valued at less than the annual exclusion for the calendar year (excluding gifts of future interests, for which the recipient’s right to the use, possession, and enjoyment of the property and income from the property will not begin until a future date)
  • Tuition or medical expenses paid directly to a medical or educational institution
  • Gifts to a spouse
  • Gifts to a political organization
  • Gifts to charities

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