Joan and Seth decided to leave their only son a substantial gift of property and monies. They are not sure what to do to ensure compliance with filing requirements. What form must they fill out after giving a gift?

Question

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After giving a gift Form 709 must be completed by the donor. The tax return must be filed before April 15 following the year of the gift. A gift tax return must be filed by the donor in any calendar year that he or she gives more than the annual exclusion to the donee, a gift of a future interest, regardless of how small, total gifts exceeding $100,000 to a noncitizen spouse, or when a gift for which spouses elect gift splitting, even if the amount is less than the annual exclusion for each after the split.

Joan and Seth Decided to Leave Their Only Son a Substantial