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Mar 2019
0
Have you made substantial gifts of wealth to family members? Or are you the executor of the estate of a loved one who died recently? If so, you need to know whether you must file a gift or estate tax return. Filing a gift tax return Generally, a federal gift tax return (Form 709) is required if you make gifts to or for someone during the year (with certain exceptions, such as gifts to U.S. citizen spouses) that exceed the annual gift tax exclusion ($15,000 for 2018 and 2019); there’s a separate exclusion for gifts to a non-citizen spouse ($152,000 for 2018 and $155,000 for 2019). Also, if you make gifts of future interests, even if they’re less than the annual exclusion amount, a gift tax return is...