Now that fewer people are subject to federal gift taxes, because of a generous $11.58 million lifetime gift tax exemption for 2020, a question many are asking is: “Do I need to file a gift tax return?” The short answer is “no” if your wealth is well within the exemption amount. However, there are scenarios where it’s necessary (and possibly advantageous) to file Form 709 — “United States Gift (and Generation-Skipping Transfer) Tax Return.” (more…)