What do I need to know about filing a gift tax return?
An example of an AI chatbot conversation about gift tax return filing.
What do I need to know about filing a gift tax return?
When you give a gift over a certain amount, you may need to file a gift tax return. The current limit is $17,000 per recipient.
Are there any exemptions I should be aware of?
Yes, there are exemptions such as gifts to your spouse, educational expenses, and medical expenses paid directly to the provider.
How do I actually file the return?
You can file Form 709, the United States Gift (and Generation-Skipping Transfer) Tax Return, either electronically or by mail.
What happens if I don't file a gift tax return?
If you fail to file when required, you may face penalties, including interest on any unpaid tax.
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