@cwtaxdummy
" Why does the IRS say that if I give one single person a one time gift of $26,000 today, I'm responsible for filling out and submitting Form 709 AND I'm responsible for paying gift taxes on it. "
The IRS does not say you will pay gift tax on the $26,000. The tax law says you have to report the gift if it is over $15,000, so that the IRS can track your gifts in case you someday go past the lifetime limit and need to pay.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
