ACTEC Trust & Estate Talk Gift Tax Returns: Planning, Ethics, and Best Practices
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Nov 18, 2025 Discover the ins and outs of Form 709-NA for nonresident gifts and the recent IRS e-filing updates. Learn how new rules simplify gift splitting and the proper reporting of digital assets like cryptocurrencies. The discussion delves into adequate disclosure, the statute of limitations for gift audits, and what constitutes sufficient reporting. This insightful conversation is packed with practical tips and ethical considerations that are crucial for trust and estate professionals.
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Use Form 709-NA For Nonresident Gifts
- Check whether a transferor is a nonresident noncitizen and use Form 709-NA for applicable gifts and GST allocations.
- If a donor was U.S. resident part of the year, report all gifts on Form 709 instead of 709-NA.
Start E‑Filing Gift Tax Returns Now
- Consider e-filing gift tax returns through the IRS Modernize e-file (MEF) system now available as of July 14, 2025.
- Confirm your software supports e-file and become an authorized e-file provider before filing electronically.
Follow New Gift‑Splitting Notice Procedure
- Follow the new gift-splitting procedure where the consenting spouse files a separate notice of consent instead of signing the donor's return.
- If both spouses must file, file both returns together and make the election on the first return filed that year.