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Financial Planning > Tax Planning

Filing a Gift Tax Return

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Generally, a gift tax return must be filed on Form 709 if any of the following apply to your clients. They:

- Gave gifts to at least one person (other than a spouse) that total more than the annual exclusion for the year.

- Split a gift with a spouse.

- Gave someone (other than a spouse) a gift of a future interest that she cannot actually possess, enjoy, or receive income from until some time in the future.

- Gave his spouse an interest in property that will be ended by some future event.

Your clients would not have to file if they:

- Gave gifts to political organizations or paid someone’s tuition or medical expenses.

- Made the following deductible gifts to charities:

Entire interest in property, if no other interest has been transferred for less than adequate consideration or for other than a charitable use; or

a qualified conservation contribution that is a restriction (granted forever) on the use of real property