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Do I need to file form 709 if the gift amount is less than $14000?

Forum|Forum|6 years ago
June 1, 2019
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I gave a relative some money (less than $14000) a few days ago. Based on Form 709 instruction ("If you meet all of the following requirements, you are not required to file Form 709. You made no gifts during the year to your spouse. You did not give more than $14,000 to any one donee. All the gifts you made were of present interests"), it seems that I don't need to file the form 709, since the gift is cash and was given to a relative. The gift meets all the three requirements.

But at the other hand, the current lifetime gift upper limit is 5.45 millions. If I do not file form 709, how can that amount of money gift be deducted from 5.45 millions?

Thanks.

Best answer by Celery63

If you give less than $14,000 to any individual in a year, you do not have to file a 709. And the answer to your second question is simply that anything under $14,000 does not get subtracted from your lifetime exclusion.

C

Celery63Answer

If you give less than $14,000 to any individual in a year, you do not have to file a 709. And the answer to your second question is simply that anything under $14,000 does not get subtracted from your lifetime exclusion.

VAerAuthor

Why not subtract from lifetime exclusion? It does not make sense, for example, if I give $6000 to each of 1000 persons in 2016, the total given away amount is 6 millions. It still meets all the three requirements, and I don't need to file form 709. And I still have 5.45 million exclusion left???