If a person's gift exceeds the annual exclusion limit, they must file Form 709 with the IRS. But that doesn't mean they'll have to pay taxes. “It doesn’t necessarily generate a tax right away ...

For many Americans, offering a $60,000 gift to pay for a child’s wedding probably isn’t something to worry about from a tax ...

If a gift exceeds the annual limit, the giver is responsible for filing a gift tax return using IRS Form 709. This form tracks lifetime gifts given by the donor, but the recipient faces no tax ...

Consequently, the trust maker must file a Form 709 gift tax return to report the completed gift to the IRS. Example. A trust maker has property worth $13.61 million. They make a completed gift of ...

If you exceed the annual gift tax limit, you may have to file a federal gift tax return (IRS Form 709). But exceeding the limit doesn't necessarily result in owing tax, thanks to a high lifetime ...

Usually, the client misunderstands the tax and believes that if they exceed that level in one year they will be taxed. That ...

What the updates to the Gift Tax Annual Exclusion, Unified Credit Amount and GST Tax Exemption may mean for clients.

you will need to file a gift tax return (IRS Form 709). However, filing an IRS Form 709 does not automatically mean that you will owe gift tax; it simply allows the IRS to track the value of gifts ...

You would not actually have to pay any gift tax unless you exceed your remaining lifetime exclusion, though you still have to fill out Form 709.

The line between taxes and financial behavior is very ... Going over this amount simply means that a taxpayer must file IRS Form 709 and start counting gifts against the lifetime giving allowance ...