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. But ...

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.

For instance, a husband and wife could each give $19,000 to their child but they would need to report the $38,000 to the IRS on Form 709 to properly split the gift between them.

But if you give more than that, you’ll need to fill out IRS Form 709 to report the gift, and it will count against your lifetime gift tax exclusion. Gift Tax Rates and How They Work ...

If you’re planning to make a large gift of money or property to someone—whether a family member, ... then you will need to fill out IRS Form 709, the gift tax return, ...

The gift tax return is IRS Form 709. The receiver of the gift may pay the gift tax, or a percentage of it, on the giver's behalf, in the event that the giver has exceeded their lifetime gift ...