If you give someone cash or property valued at more than the 2023 annual exclusion limit of $17,000 ($34,000 for married joint filers), you'll have to fill out Form 709 for gift tax purposes.

Even if you have made a taxable gift, Form 709 isn't as big of a burden as many think. That's because unless you've made a huge gift, you won't have to pay any actual gift tax.

The gift tax is any taxes owed on the gifts you have given. As the giver, you would owe the tax to the IRS and have to fill out a tax form.

Whether you work in the gig economy or are giving a cash gift to a relative, you need to know if and how to report that money to the IRS.

A federal tax form that must be filled out by any individual who gives a gift that exceeds the annual exempt gift amount.

Rules and reporting requirements depend on whether the cash is income or a gift, how much money changes hands and if you're the giver or receiver.

If you’re planning to make a large gift of money or property to someone—whether a family member, neighbor, friend or otherwise—then the gift tax should be on your radar.

The Internal Revenue Service (IRS) has its hand out for tax dollars associated with your generosity, but there are tax-smart loopholes.

The gift tax is any taxes owed on the gifts you have given. As the giver, you would owe the tax to the IRS and have to fill out a tax form.