I gave a relative some money (less than $14000) a few days ago. Based on Form 709 instruction ("If you meet all of the following requirements, you are not required to file Form 709. You made no gifts during the year to your spouse. You did not give more than $14,000 to any one donee. All the gifts you made were of present interests"), it seems that I don't need to file the form 709, since the gift is cash and was given to a relative. The gift meets all the three requirements.
But at the other hand, the current lifetime gift upper limit is 5.45 millions. If I do not file form 709, how can that amount of money gift be deducted from 5.45 millions?
Thanks.
