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 perspective. You could owe federal gift taxes if your lifetime gifts are ...

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 ...

an IRS Form 709 Gift (and Generation-Skipping Transfer) Tax Return is then required to be filed to report the taxpayer’s use of their unified credit. Thus, it is critical to note that when a ...

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.

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 ...

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