Gift Tax Return
Giving a large gift to a loved one may require filing a gift tax return with the IRS. Our tax professionals help you prepare and file Form 709 accurately and on time, so your gifts are properly reported and your lifetime exemption is tracked correctly.
Call today at (714) 790-6441 or click below to get started.
When Do You Need to File a Gift Tax Return?
If you’ve given a gift worth more than the annual exclusion amount, you’ll need to file a gift tax return. This is done using Form 709. For 2026, the annual exclusion is $19,000 per recipient, or $38,000 for married couples who elect gift splitting.
Generally, if you are the recipient of the gift, it is not considered taxable income.
Frequently Asked Questions about Gift Taxes
-
Giving a large gift to a loved one may require filing a gift tax return with the IRS. Our tax professionals help you prepare and file Form 709 accurately and on time, so your gifts are properly reported and your lifetime exemption is tracked correctly.
Call today at (714) 790-6441 or fill out the form to get started.
-
You will need to use Form 709 to file a gift tax return. This form is available on the IRS website.
-
When you file your gift tax return, you will need to include the following information:
The name, address, and Social Security number of the recipient
The date of the gift
The amount of the gift
A description of the gift
The fair market value of the gift (if it is not cash)
You will also need to sign the form and include your contact information.
-
If you fail to file a gift tax return when required, you may be subject to penalties. The IRS may assess a late filing penalty, as well as interest on the unpaid tax. In addition, if the IRS believes that you have intentionally failed to file a return, you may be subject to criminal penalties.