@hcjontax wrote:
What does the IRS even do with the value at date of gift number?
In addition to what @ColeenD3 wrote, the IRS retains these returns just about forever (unlike income tax returns).
If, eventually, your estate winds up being large enough to the point where an estate tax return is due (Form706), then someone had better have saved the 709s that were filed because the IRS will have them to ensure your estate is not taking the full unified credit at that time.
