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UTman
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2023 (for 2022) Income Tax Thread
in Can You Help Me With This?
Posted · Edited by UTman
Any consequence of not filing a gift tax return form 709 in this scenario?
Friend gifted me $750k cash in October 2022. This was their first time giving gift over annual exclusion.
Their estate will probably be under lifetime exclusion, but all will go to a 501c anyway.
Any consequence of them not filing the information return for the $750k gift?
I know it’s their problem and not on the one receiving the gift, but just trying to understand.