Hello and welcome to this video about IRS Gift Tax Form 709. If you've recently given a gift to someone, you may be required to file this form with the Internal Revenue Service.

Form 709 is used to report gifts that exceed the annual exclusion amount, which is $15,000 for the tax year 2021. This means that if you gave a gift worth more than $15,000 to any one person during the tax year, you must file Form 709.

The purpose of this form is to keep track of the gifts you give throughout your lifetime, and to prevent people from giving away their assets to avoid estate taxes when they pass away. However, most people will never actually owe gift taxes, as there are several exemptions and exclusions that can apply.

In the form, you'll need to provide information about the gift, such as its value, the recipient's name and relationship to you, and any other relevant details. You'll also need to calculate the tax due, if any, based on the value of the gift and any applicable exemptions or exclusions.

The deadline to file Form 709 is April 15th of the year following the gift, just like with your personal income tax return. So if you gave a gift in 2021 that requires you to file this form, you'll need to do so by April 15th, 2022.

Overall, IRS Gift Tax Form 709 is an important document to keep in mind if you're giving gifts that exceed the annual exclusion amount. It's always a good idea to consult with a tax professional if you're unsure about whether or not you need to file this form or how to fill it out correctly.
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