A gift tax return (IRS Form 709) reports taxable gifts, elections, and allocations made during calendar year. It records donors' use of the lifetime unified credit, spousal gift-splitting,valuation details, and any allocation of GST exemption. Returns are generally due April 15 of the following year, with extension available, and should include adequate disclosure-appraisals, terms,and transactional detail-to start the statute of limitations on IRS adjustments. Not every gift triggers a filing, but gifts above the annual exclusion, gifts of future interests, split gifts, orgifts to most irrevocable trusts often do. Accurate 709s preserve planning intent and document positions for future estate settlement.

Counsel prepares 709s with appraisals for closely held interests, elections for split gifts, and GST allocations for dynasty trusts. Advisors ensure gifts tie to bank wires and trust receipts, and they keep copies for later 706 filings. Complete 709s limit disputes and start the statute of limitations on valuation.