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Gift, Estate, and Generation-Skipping Transfer Taxes

When Must I File A Gift Tax Return?

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Generally, you must file a gift tax return if:

  • You give more than $16,000 during 2022 to someone other than your spouse.
  • You and your spouse "split" a gift and have no tax for gifts up to $32,000 per year per recipient.
  • You gave someone (other than your spouse) a "gift of a future interest" of any amount -- a gift that he or she cannot actually possess, enjoy, or receive income from until sometime in the future. For example, you give your 15 year old neice $50,000 which she cannot access until she is age 21.
  • You gave your spouse a "terminable interest" of any amount in a property - an interest in property that will be ended by some future event, such as your death. For example, you let an ex-spouse remain in the house as long as you are alive.

If you need to file a gift tax return, obtain a copy of IRS Form 709, available at offsite link. Instructions for completing the form are at offsite link.

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