Do you have to file a gift tax return (Form 709) for 2016?

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If you made a gift to one individual in excess of $14,000 during 2016 (or $28,000 if you are married and you and your spouse agreed to "gift split"), then you will likely be required to file a gift tax return.  This does not mean that you will have to pay gift tax, but you are required to report the gift.  Gift tax returns are due when you file your income tax return.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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