Ryan F. asked

💰  Tax

What would happen if I gifted someone an amount over the annual gift tax exclusion and then they gifted it back in the same year? Do either of us have to fill out a Form 709 still?

September 8th, 2024

Allison S. answered

Yes, if the amount gifted exceeds the annual gift tax exclusion, both parties would still need to fi...

September 8th, 2024

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