Form 709 (United States Gift Tax Return)

Form 709, the United States Gift Tax Return, is a tax filing form used by U.S. taxpayers to report gifts of money or property over a certain annual threshold (currently $17,000 per recipient in 2023) given to others during the year. It ensures the IRS tracks taxable lifetime gifts and applies the applicable gift tax exemption, preventing double taxation. Filing is required even if no tax is owed, especially when gifts exceed the threshold. The form also helps allocate any gifts against the lifetime estate and gift tax exemption amount, which influences future estate planning.