For tax year 2025, any gifts that exceed the lifetime gift tax exclusion limit of $13.99 million are subject to the gift tax, and any gifts over $19,000 must be reported to the IRS via Form 709.

Gift tax example. A successful businesswoman gives her niece a $36,000 car for college graduation. What a lucky niece! In ...

An individual is able to gift up to the annual gift tax exclusion to multiple people before they have to file Form 709 with the IRS. The gift tax exclusion for 2025 is $19,000.

These taxpayers must always file a gift tax return, known as Form 709. ... Married couples cannot file a joint gift tax return even if gifts are split. Each spouse should file a separate return if ...

Gift tax can apply when you give money or other assets to someone else. As the gift-giver, you're responsible for paying any tax due. The IRS allows you to make financial gifts up to a certain ...

The post Do I Need to Worry About the Gift Tax If I Pay $30,000 Toward My Child's ... though you still have to fill out Form 709. ... you and your spouse could consent to split the gift on your ...

The person who gives the gift is responsible for filing a gift tax return. This return is filed on an IRS Form 709. There is no gift reporting for Ohio or Ohio cities.

For 2023, the annual gift tax exemption is $17,000, up from $16,000 in 2022. This means you can give up to $17,000 to as many people as you want in 2023 without any of it being subject to the ...