Content Overview
- Summary
- When Must I File A Gift Tax Return?
- What Is The Unified Credit For Gift And Estate Taxes?
- If I Make Taxable Gifts, Will I Have To Pay Tax?
- What Is In My Gross Estate?
- What Is The Gift Tax?
- Which Gifts Are Taxable? (The Annual Gift Tax Exclusion and more)
- Can I Take An Income-Tax Deduction For Gifts I Make?
- Does The Person I Give A Gift To Have To Pay Taxes?
- What Is The Generation-Skipping Transfer Tax (GSTT)?
- What Is The Estate Tax?
- What Is My Taxable Estate?
- Will My Estate Have To File An Estate Tax Return?
- Will My Heirs Have To Pay Tax On Their Inheritance?
Gift, Estate, and Generation-Skipping Transfer Taxes
When Must I File A Gift Tax Return?
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Generally, you must file a gift tax return if:
- You give more than $16,000 during 2022 to someone other than your spouse.
- You and your spouse "split" a gift and have no tax for gifts up to $32,000 per year per recipient.
- You gave someone (other than your spouse) a "gift of a future interest" of any amount -- a gift that he or she cannot actually possess, enjoy, or receive income from until sometime in the future. For example, you give your 15 year old neice $50,000 which she cannot access until she is age 21.
- You gave your spouse a "terminable interest" of any amount in a property - an interest in property that will be ended by some future event, such as your death. For example, you let an ex-spouse remain in the house as long as you are alive.
If you need to file a gift tax return, obtain a copy of IRS Form 709, available at www.irs.gov/pub/irs-pdf/f709.pdf . Instructions for completing the form are at www.irs.gov/pub/irs-pdf/i709.pdf .
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