Changes to the Gift-Splitting Election and Form 709 in 2024

For gifts occurring in 2024, the IRS has changed the format of IRS Form 709. In some cases, these changes are significant for areas such as gift-splitting elections, marital and charitable deductions, and reverse QTIP elections. And, while some changes to the form make it more user-friendly, others are not as helpful - including space restrictions for gift descriptions.

In this video, we discuss what gift tax return preparers should know about these changes.