How do I report gifts to the IRS?
An example of an AI chatbot conversation about reporting gifts to the IRS.
How do I report gifts to the IRS?
To report gifts to the IRS, you need to file Form 709, the United States Gift (and Generation-Skipping Transfer) Tax Return.
What is the gift tax exclusion limit for 2023?
For 2023, the annual gift tax exclusion limit is $17,000 per recipient.
Do I need to report gifts under the exclusion limit?
No, you do not need to report gifts that are below the annual exclusion limit.
What happens if I exceed the exclusion limit?
If you exceed the exclusion limit, you must file Form 709, and the excess amount will count against your lifetime gift tax exemption.
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