However, although this election may keep you from having to pay tax, you'll still have to file a gift tax return in order to claim it. Other exclusions also keep you from having to file Form 709.

If you give someone cash or property valued at more than the 2023 annual exclusion limit of $17,000 ($34,000 for married joint filers), you'll have to fill out Form 709 for gift tax purposes. But ...

This guide covers everything you need to know, including annual limits, lifetime exemptions, IRS Form 709 and how to avoid paying the gift tax altogether legally.

Form 709 reports asset transfers subject to the federal gift tax or generation-skipping transfer taxes. “Ripcord technology was purpose-built to deliver on the needs of the Pilot IRS Program.

However, although this election may keep you from having to pay tax, you'll still have to file a gift tax return in order to claim it. Other exclusions also keep you from having to file Form 709.