What is a gift tax form and when is it needed?

Answer 1

Form 709 is the U.S. Gift tax form. You have to file if you give someone more than $12,000 in any year, If you are married then you would file if you gave more than $24,000 to any one person in a year. A gift can be cash or property. For example give a $11,000 car and $3,000 of cash and you would have to file

Answer 2

If you give more than $12,000 to any one person in any one year, you are required to file a gift tax return. You can give approx. $1,000,000 of reportable gifts over your lifetime before any actual tax is due. The IRS link below gives much more information.