When is an IRS gift tax return required?

December 29, 2015
It is important to know when gifts you make trigger your obligation to file a federal gift tax return (IRS Form 709, United States Gift [and Generation-Skipping Transfer] Tax Return).  I have heard the IRS doesn’t take kindly to individual who fail to file required tax returns 🙂
If a person makes an annual gift or a total annual gifts to one person over the annual exclusion, a gift tax return must be filed with the IRS. However, unless the total of the gifts go beyond the unified credit, 5.4 million, the person will not owe any gift tax.

Shawn Roberts

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I write about and try to answer practical Oklahoma legal questions. I tend to focus on estate planning and business issues. I make a living as an attorney working for Resolution Legal Group in Oklahoma City.

I am husband to Amy and the father of Sam and David. We live exactly in the path where the “wind comes sweeping down the plains.”