2023 GIFT TAX RETURN

Did you make large gifts to children, grandchildren or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax return. The annual gift tax exclusion has increased in 2024 to $18,000 but was $17,000 for 2023. Generally, you’ll need to file a return if you made 2023 gifts that exceeded $17,000 per recipient (unless to a U.S. noncitizen spouse) and in certain other situations. But sometimes it’s desirable to file a gift tax return on Form 709 even if you aren’t required to. If you’re not sure whether you must (or should) file a gift tax return, contact us.