A multitude of gifts, however, are given by donors to donees in cash which do not exceed the annual exclusion. Hence, Form 709 is not likely to be filed in those instances.
The result is typically a deposit (credit) in one of the donee's accounts with a financial institution. There should, obviously, be a corresponding debit in one of the donor's accounts.
The optimal method is to secure a copy of the donor's statement or at least a gift letter signed and dated by the donor. If neither of the foregoing is possible, then the donee should simply make (and retain) a notation of the time, date, and amount of the gift with as much information about the donor as is known.
