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The IRS Form 709 is filed by U.S. individuals to report taxable gifts made during the tax year.
In general, charitable donations made by a U.S. individual are not required to be reported on a Form 709 gift tax return. However, if a person makes other taxable gifts that require reporting on Form 709, the individual must also include any charitable donations made during the year.
Under IRC Sections 2522 and 2055, the individual is allowed an unlimited gift tax deduction for those items. In this example, we look at a taxpayer who gifts cash of $25,000 to her daughter and donates $7,000 of cash to a Floridabased 501(c)(3) public charitable organization.
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