What Is Form 709: United States Gift (and Generation-Skipping Transfer) Tax Return?
IRS Form 709 reports transfers of assets that may be subject to federal gift tax and certain generation-skipping transfer taxes. This form reports taxable gifts you make to others during your lifetime, including gifts of cash or tangible physical assets, such as real estate. It’s also used to allocate lifetime generation-skipping tax exemptions when transferring property to a beneficiary (other than a spouse) who is at least 37½ years younger than the donor.
