IRS Form 709

IRS Form 709 is the United States Gift (and Generation-Skipping Transfer) Tax Return. It is used by individuals to report gifts you give to others that exceed the annual gift exclusion amount, typically $17,000 per recipient in 2023. The form helps ensure proper calculation of any gift tax owed and tracks gifts over your lifetime that may affect your estate tax exemption. Not everyone needs to file it; only those who make significant gifts above the threshold. Filing is generally required by April 15 of the year following the gift.