In short
A donor files Form 709 for gifts to anyone (other than a spouse) above the annual exclusion, gifts of future interests, gift splitting and the five-year election for section 529 contributions. It is due April 15 of the following year.
Key takeaways
- An extension of the income tax return also extends the gift tax return.
- The donor, not the recipient, pays any gift tax.
- Tuition and medical expenses paid directly to the provider aren't taxable gifts.
Where it's tested
REG: Trusts, Estates & Gift Tax Basics — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
Under the One Big Beautiful Bill Act, what is the lifetime estate and gift tax exemption per individual beginning in 2026, and is it scheduled to sunset?