Form 709 is the United States Gift (and Generation-Skipping Transfer) Tax Return. Donors file it to report taxable gifts, allocate GST exemption, and track lifetime unified credit usage. Not every gift requires a return,but filings are needed for gifts exceeding the annual exclusion, certain trust gifts, and split-gift elections.The form records valuation, election statements, and disclosures supporting discounts. Accurate 709 filing coordinate with appraisals, trust documents, and long-term transfer strategies. Proper reporting avoids penalties and preserves the intended use of lifetime exemptions for future estate and GST planning.

Donors and advisors file Form 709 to record large gifts, split-gift elections, and GST allocations. Appraisals support valuations. Accurate filings track lifetime exemption usage and enable multi-year transfer strategies coordinated with trusts,ILIT funding, and charitable gifts.