Filing Gift Tax Return

A form 709 Gift Tax Return must be filed by April 15th if a tax payer has made a gift in excess of $13,000 to anyone other than a spouse or charity during the tax year. Gifts in excess of $13,000 or gifts of future interests of value in excess of $13,000 must be reported. Their is a lifetime gift tax exclusion of $5,000,000 for taxpayers who gifts in excess of $1,000,000 for duration.