PattiF
Expert Alumni

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No, you do not need to file Form 709 for the Gift Tax.

 

The gift was $20,000 in 2022 even if the second savings bone was physically delivered in 2023. It was purchased in 2022.

 

The $20,000 can be considered a joint gift. You are each entitled to the annual exclusion amount of $16,000 as a gift. Together, you could have given $32,000 to each donee for 2022.

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