The gift is a vehicle and it would not be going to anyone in my immediate family so it doesn't qualify for an immediate family exclusion according to the IRS. IRS says Form 709 is required for gifts over $15k, so does that mean come tax season I will be responsible for the valued taxes on that gift? I've seen that even though the form is required by IRS, they don't collect the taxes until you hit the lifetime limit of $11.7 million. Is that accurate?
