- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
No, if the gift was less than $14,000 per person per year, you do not file a gift tax return. Below is an excerpt from the IRS Gift Tax
Form 709 instructions.
"Who does not need to file.
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*."
*A gift is considered a present interest if the donee has all immediate rights to the use, possession, and enjoyment of the property or income from the property.
‎June 6, 2019
12:20 PM