Form 709 - Gift Tax

Per IRS Publication 559 Survivors, Executors, and Administrators, page 25:

The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule.

Generally, the following gifts aren't taxable gifts.

  • Gifts, excluding gifts of future interests, that aren't more than the annual exclusion for the calendar year.
  • Tuition or medical expenses paid directly to an educational or medical institution for someone else.
  • Gifts to your spouse, if your spouse is a United States citizen.
  • Gifts to a political organization for its use.
  • Gifts to certain exempt organizations described in 501(c)(4), 501(c)(5), and 501(c)(6).
  • Gifts to charities.

Gift Tax Annual Exclusion

In 2022, generally, gifts valued up to $16,000 per person could have been given to any number of people, and none of the gifts will be taxable. If the decedent's spouse is not a United States citizen, the annual exclusion for gifts made to him or her in 2022 is limited to $164,000. 

The TaxAct program 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).

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