@yoomanki wrote:
Can I qualify to use the lifetime gift exemption on any amount that exceeds the annual exclusion amount and not owe any tax?
Yes.
You will owe no taxes on any gift you have given if the total of all gifts you have given over your lifetime is under $11.4 million dollars for tax year 2019. But that does not mean that you do not have to file a Form 709 if your gift during the tax year exceeds the exclusion amount. The Form 709 would still have to be filed even though you owe no taxes on the gift(s) given during the year.
