Form 709 2025. • the annual gift tax exclusion for 2023 is $17,000 per recipient. Gifts that exceed the annual exclusion must be reported to the irs using form 709, which keeps track of the lifetime exclusion usage.

On a gift tax return, you report the fair market value of the gift on the date of the transfer, your tax basis (as donor) and the identity of the recipient. If you exceed the annual gift tax limit, you may have to file a federal gift tax return (irs form 709).